ISD Held a Public Discussion About Payment System Innovations in The Digital Economy Era
Jakarta, 14 November 2018
Like many countries in the world, Indonesia entered the digital era that’s widely referred to as the fourth industrial revolution. The rapid penetration of the internet in Indonesia has become a trigger for this development. Digitalization affects the economy through three things, first changing its market, second changing its transaction, third changing its economic system itself. For that reason ISD need to initiate a public discussion about the payment system innovations in the digital economy era.
The convenience that felt by the community when transacting in E-commerce causes a shift in people's behavior which ultimately affects the payment market. The number of Indonesian fintech companies has grown rapidly over the past two years. There’s several condition that caused this, one of them, is caused by the high demand for financial services and another one is because of the large population in Indonesia that has not been touched by fintech.
Furthermore, the development of technology created virtual currencies, or commonly called cryptocurrency, as a new model of payment. At present it is estimated that the value of the world cryptocurrency market capitalization reaches USD 752 billion, of which 33% comes from Bitcoin. The rapid development of cryptocurrency with all the controversies certainly raises questions about the future of this virtual currency, especially in Indonesia.