8 Favorite, Fast, and Secure Payment Systems in Indonesia
8 Favorite, Fast, and Secure Payment Systems in Indonesia
Currently, technological advancements have infiltrated the business world, especially online businesses. This is evident from the payment systems used. Both users and business owners no longer need to deal with cash transactions.
These systems minimize the use of cash, so more money is stored in digital wallets or e-wallets. This method is more practical and convenient because users don't have to worry about being on the street or in a store. They don't have to worry about robbery or theft.
Therefore, the convenience of payment systems has led users to switch to using them. Besides being practical and easy, transaction security is highly guaranteed. So, what are the payment systems that can be used in online stores? Here's the list.
Types of Payment Systems
There are several types of payment systems that are fast, easy, and secure in Indonesia, including:
1. Internet Banking
The internet has become a primary necessity for everyone. With the internet, everyone can obtain various information from the past to the present. With the internet, business transactions are made easier. Users simply need to open a website that provides banking services. Then, enter the amount and destination account number. Within seconds, the fund transfer can be completed.
2. Credit Cards
For some people, using credit cards has become a business necessity. Because credit cards can be used for any payment, from electricity bills to electronic goods. Additionally, low installment programs are reasons why consumers prefer credit cards. It's worth mentioning that credit card transactions since 2019 amounted to 349.2 million transactions. Many business owners believe that the increasing use of credit cards is due to various enjoyable features like 0% installment programs and other exclusive programs.
3. Bank Transfers
Referring to a survey conducted by Rapyd in mid-March-April 2020, more than 40% of banking service users utilize bank transfers for transactions. This system is preferred because it's easy, fast, and secure. It includes transfers via ATMs, SMS banking, or mobile banking.
4. Digital Wallets
Digital wallets, or commonly known as e-wallets, are one of the favorite payment systems in Indonesia. According to a survey conducted by IPSOS Marketing Summit 2019, 25% of users feel safe and comfortable using digital wallets. Another 26% feel happy and satisfied, while 19% experience the best benefits from digital wallets.
5. Cash On Delivery (COD)
This system can be considered a conventional system because consumers will face the business owner directly to receive the goods. Consumers will hand over a certain amount of money, which will then be exchanged for goods. Some consumers still choose COD because of the convenience in both product quality and payment fulfillment.
6. Payment via Retail Outlets
Besides cash on delivery, there is also a payment system categorized as conventional called payment via retail outlets. This payment can be made at retail outlets such as Indomaret or Alfamart. Some users prefer to transact at retail outlets due to the absence of ATMs in their location. Additionally, according to Bank Indonesia records in 2020, 91% of Indonesian people are not familiar with banking services. Therefore, retail outlets are chosen because of transaction security guarantees.
7. Joint Accounts
The potential for default can occur if consumers are not serious about transactions. Therefore, with the proliferation of online businesses, the utilization of joint account services becomes a solution. The usage is simple. When consumers pay a certain amount to the business owner, it must go through a third party to avoid theft or default. If the transaction agreement can proceed, the transaction funds stored with the third party will be immediately disbursed to the business owner.
8. Debit Cards
Banking services still require debit cards for transactions. Although the trend has been declining since 2019, debit cards remain a payment system choice. Debit cards are part of electronic money that can be used for various transactions. Business owners only need to enter a specific code to transact.
When you understand the eight types of favorite payment systems in Indonesia, you can apply them in your business. To ensure business growth, implement Brick to connect with digital financial services. Therefore, make sure your business accepts bank transfer payment methods by activating virtual accounts with Brick. Provide various payment methods and receive automatic notifications.
