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While the cashless method is spreading, cash remains the king in Indonesia
Cash is still the king in Indonesia amid the e-wallet sensation: Source
Amid the ongoing trend of electronic payment, the state-owned securities paper, and bill printing company, Peruri, revealed that cash is still largely used among the Indonesian people.Peruri business development director, Fajar Rizki, said that it is evident from the dependency rate toward Bank Indonesia’s (BI’s) bill printing order in 2019, at about 60 – 70 percent. The data supported Peruri’s income.
Throughout 2019, Peruri reaped Rp3.9 trillion income, its profit rose by 30 percent to Rp595 billion compared to 2018, revealed Fajar.
Not only in Indonesia but the cash trend is also ongoing internationally. The statement was based on the research compiled by Giesecke+Devrient (G+D) – Peruri’s German counterpart - and market expert company, Smithers Pira. The compilation showed the cash demand went up by 2 – 3 percent in 2019.
According to Fajar, the domestic demand for cash is encouraged by the imbalance of technology development, only concentrating in major cities. While major cities start using the cashless method, the other cities still use physical payment. Hence, the demand is still growing.
Regarding the cashless trend, Fajar hinted that Peruri will keep up with the time. Even, printing and certification businesses are predicted to decrease due to non-physical computerization. Peruri’s trial on technology was first seen during Peruri’s entrance test for the Indonesian State College of Accountancy (STAN).
The drawback was that Peruri’s income was cut short.
Source: https://bit.ly/2Na2FXd
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