After a government decision to track transaction details of credit card users in Indonesia, including the identities of merchants and consumers, a visible decline in credit card usage has been recorded.
In April, consumers used credit cards 4% less than during the same period last year, amounting to a drop in 2 million rupiah compared 23.7 million during the month of March.
Santoso, head of the consumer card business of one of Indonesia’s largest credit card providers, Bank Central Asia, said that many consumers are concerned about their privacy and therefore prefer using Money in physical form such as banknotes and coins. More. Bank Central Asia has already experienced a twofold increase in credit card cancellations and an overall 15% fall in April transactions.
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