CONTRA-SIDE IN
USING CONTACTLESS PAYMENT SYSTEM IN INDONESIA
"Right now, retailers need to get to grips with the down of contactless payment. In the past week there has been a raft of announcements and news on alternative payment methods. Technologies everywhere are still convinced that they can come up with something better than cash for smaller transactions. The alternative method must Consider that retailers in the immediate future is contactless payment. A few stories in London have gone live with the Barclaycard Business. Contactless payment system already more than 1,000 other sites have signed up to use it and 3,000 consumers have registered Reviews their interest in the system's One Pulse contactless card. "
Based on the case-study above, I would like to give my opinion if the contactless payment system is applied in Indonesia, from a friendly kind to use such as electronic money (e-money). In the Bank Indonesia Regulation Number 11/12 / PBI / 2009 on Electronic Money (Electronic Money) Article 1 Paragraph 3, "Electronic Money is a payment instrument issued on the basis of the value of money paid in advance by the holder to the issuer. Firstly, we have to understand the function of money. Money is the heart of that transferable and deferrable transaction - the seller can hold on to it and buy when the time is right. Many argue that complex civilizations could never have Arisen without the flexibility of exchange that money Allows. Also Money Gives a yardstick for Deciding the value of things. If all goods have a monetary value, we can know and compare every cost.
Handi Irawan, CEO of Frontier Capital, argue that e-money will be the best payment instrument. Mainly for e-commerce industry in the which is a great development nowadays. He estimates that e-money will beyond the credit card and the debit card in 2020. "Absolutely! Because not only easy to use, but electronic money Also convenience and secure to server-based technology. Even a company like Gojek tries hard for developing GoPay, "he said. In the other hand, e-money Appears a kind of obstacles. Such as investment and standardization to create huge and effective infrastructure. Rahmat Broto Aji as Senior Vice President at Bank Mandiri, Tbk giving a simple example. "Transactions using electronic money that is not standardization yet. Reader-machines in some parking areas Werner to use different standards. Amount and types of the card are Also varies. There is no one card for all. "
Statistics of development of e-money in Indonesia is very small. Compare to Thailand with Indonesia under its economic growth, is bigger in the growth of using electronic money (e-money). The volume of e-money transactions in Malaysia - where the total GDP is smaller than Indonesia - has already Obtained 1.3 billion and the value Reached 18 trillion Rupiahs. While in Indonesia the volume of transactions per October 2016 was Approximately 500 million and the value just stuck at 5 trillion Rupiahs.
The challenge in making e-money success is consumer habit. Because the only competitor of e-money in Indonesia is just the cash money itself. Ricky Knight, Deputy Director of Electronification and Financial Inclusion at Bank Indonesia, explain that, "to implement e-money in Indonesia need to pay deeper attention to the success keys. The important success keys are healthy ecosystem, wide acceptance, economic scale, profit, and Also investment and standardization ".
According to the explanation above, I disagree to implement contactless payment system in Indonesia until the success keys are fulfilled. Indeed, electronic money payment system could be the cover of micro-payment (coins, read) the which is literally use for parking and enter the highway to avoid illegal collection (extortion, read). However healthy ecosystem that integrated, secure, innovative, and effective must be completed first. Thus Spake the acceptance and economic scale to reach rural areas must be prepared well. So finally the investment to establish the infrastructure related to the full the standardization criteria will be occur.
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REFERENCE
Kishtainy, Niall, et al., 2012. The Economics Book: Big Ideas Simply Explained. New York, United States: Dorling Kindersley Publishing.
Marketing Magazine, "The Bright And The Slowdown", Edition 13 / XVI / DECEMBER 2016
"Right now, retailers need to get to grips with the down of contactless payment. In the past week there has been a raft of announcements and news on alternative payment methods. Technologies everywhere are still convinced that they can come up with something better than cash for smaller transactions. The alternative method must Consider that retailers in the immediate future is contactless payment. A few stories in London have gone live with the Barclaycard Business. Contactless payment system already more than 1,000 other sites have signed up to use it and 3,000 consumers have registered Reviews their interest in the system's One Pulse contactless card. "
Based on the case-study above, I would like to give my opinion if the contactless payment system is applied in Indonesia, from a friendly kind to use such as electronic money (e-money). In the Bank Indonesia Regulation Number 11/12 / PBI / 2009 on Electronic Money (Electronic Money) Article 1 Paragraph 3, "Electronic Money is a payment instrument issued on the basis of the value of money paid in advance by the holder to the issuer. Firstly, we have to understand the function of money. Money is the heart of that transferable and deferrable transaction - the seller can hold on to it and buy when the time is right. Many argue that complex civilizations could never have Arisen without the flexibility of exchange that money Allows. Also Money Gives a yardstick for Deciding the value of things. If all goods have a monetary value, we can know and compare every cost.
Handi Irawan, CEO of Frontier Capital, argue that e-money will be the best payment instrument. Mainly for e-commerce industry in the which is a great development nowadays. He estimates that e-money will beyond the credit card and the debit card in 2020. "Absolutely! Because not only easy to use, but electronic money Also convenience and secure to server-based technology. Even a company like Gojek tries hard for developing GoPay, "he said. In the other hand, e-money Appears a kind of obstacles. Such as investment and standardization to create huge and effective infrastructure. Rahmat Broto Aji as Senior Vice President at Bank Mandiri, Tbk giving a simple example. "Transactions using electronic money that is not standardization yet. Reader-machines in some parking areas Werner to use different standards. Amount and types of the card are Also varies. There is no one card for all. "
Statistics of development of e-money in Indonesia is very small. Compare to Thailand with Indonesia under its economic growth, is bigger in the growth of using electronic money (e-money). The volume of e-money transactions in Malaysia - where the total GDP is smaller than Indonesia - has already Obtained 1.3 billion and the value Reached 18 trillion Rupiahs. While in Indonesia the volume of transactions per October 2016 was Approximately 500 million and the value just stuck at 5 trillion Rupiahs.
The challenge in making e-money success is consumer habit. Because the only competitor of e-money in Indonesia is just the cash money itself. Ricky Knight, Deputy Director of Electronification and Financial Inclusion at Bank Indonesia, explain that, "to implement e-money in Indonesia need to pay deeper attention to the success keys. The important success keys are healthy ecosystem, wide acceptance, economic scale, profit, and Also investment and standardization ".
According to the explanation above, I disagree to implement contactless payment system in Indonesia until the success keys are fulfilled. Indeed, electronic money payment system could be the cover of micro-payment (coins, read) the which is literally use for parking and enter the highway to avoid illegal collection (extortion, read). However healthy ecosystem that integrated, secure, innovative, and effective must be completed first. Thus Spake the acceptance and economic scale to reach rural areas must be prepared well. So finally the investment to establish the infrastructure related to the full the standardization criteria will be occur.
---------------
REFERENCE
Kishtainy, Niall, et al., 2012. The Economics Book: Big Ideas Simply Explained. New York, United States: Dorling Kindersley Publishing.
Marketing Magazine, "The Bright And The Slowdown", Edition 13 / XVI / DECEMBER 2016
Bank Indonesia
Regulation Number 11/11 / PBI / 2009 on Operation Activity Card Payment
Instruments
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