As part of the agreement, IPAYMU will become one of PayPal’s channel partners in the country, focusing on allowing local small businesses and merchants to sell their products and services worldwide, thus extending their reach.
In 2011, PayPal has reported USD 118 billion total payment volume, of which 25 percent involves cross-border trade. And as of September 2012, 117 million active accounts have been noted as active.
According to a report by Association of Indonesian Internet Service Provider (APJII), Indonesia currently has around 63 million internet users. Bank transfers still dominate the method of payment (57 percent), followed by Cash-On-Delivery (28 percent). Credit cards account for 7 percent, according to a 2011 report from the Ministry of Communication and Information. Also, based on Indonesian Credit Card Association (AKKI) and the Central Bank (Bank Indonesia) data, there are 14.5 million credit cards, 58.3 million debit cards and 4.2 million accounts owned by Indonesians as of end-2011.
In recent news, Paypal has signed an agreement with Doku, an Indonesia-based payment solutions provider, in order to expand its business to Indonesia’s small and medium enterprises.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now