Credit Card Transaction Projected to Rise 7% in Eid
Translator
Ririe Ranggasari
Editor
Laila Afifa
Kamis, 23 Mei 2019 10:44 WIB
TEMPO.CO, Jakarta - Credit card transaction growth is expected to take a slower turn during this year's Eid season. In past years, the growth rate averages at 10 percent, but in 2019 it is expected at just 7-10 percent.
The Indonesian Credit Card Association's (AKKI) general manager Steve Martha said one of the reasons for the slowdown is the fact that there are now more alternatives for payments. The use of credit card is expected to be contracted, although the value will continue to increase.
"The predicted increase in transaction value during the Eid period is 7 to 10 percent higher than the normal monthly average," Steve said on Wednesday as quoted by Bisnis Indonesia.
Steve added that the number of credit cards in circulation has tended to stagnate over the past two years with a rate of no more than 0.5 percent.
According to Bank Indonesia, as per April 2019, credit card transactions increased 10.77 percent year-on-year (YoY) to Rp109.71 trillion. At the same time, transaction volume only grew 2.18 percent.
