Tag Archives: digital

Fintech

Generational Differences in Using Digital Financial or Fintech Services

The financial world has witnessed many transformations largely triggered by rapid technological advancements. The intersection between finance and technology has given birth to a dynamic field that we commonly know as Financial Technology or Fintech. Fintech is changing the way individuals and businesses interact with their finances. In the first half of 2023, Jakpat conducted a survey of 1425 respondents in Indonesia regarding the use and habits of respondents in the financial and fintech landscape. The survey, which was later published in the form of a report entitled “Indonesia Fintech Trends 2023″, focuses on several digital financial services such as digital payments, online credit, and investment platforms. In addition, the survey also explored respondents’ financial behavior, insurance, and credit practices.

The Use of Digital Financial Services

In semester 1 of this year, there were 8 out of 10 respondents who used digital payment platforms to make transactions both offline and online. Some digital payment platforms used include e-wallets or digital wallets, mobile and internet banking including virtual debits, and delayed payments service namely Buy Now Pay Later (BNPL) or commonly called paylater. According to Aska Primardi, Head of Research Jakpat, awareness and the number of users of financial products in Indonesia continue to increase from year to year, with the most widely used platform being digital payment.

E-wallet is the most widely used service by respondents who claim to use digital payments for transactions. As many as 84% of respondents use e-wallets for various needs such as paying for groceries both offline and online, paying for entertainment needs, to paying monthly bills. Followed by the use of digital or mobile and internet banking with 52%, and paylater for 26%. The use of digital payments is indeed more common among young people, namely Millennials and Gen Z, especially for e-wallets. While digital banks are used by more than half of Millennials and Gen X. Millennials are also the segment most exposed to the use of paylater. Among Millennials who usually use digital payment methods, there are 32% who admit to using paylater services. The most common transactions paid using paylater are online shopping (23%) and paying for food with online delivery orders (18%).

Investment and Insurance

In addition to reviewing the use of various digital payment services, the report also displays data on the use of other financial products such as investment, insurance, and credit. Of all respondents, there are 38% who pay credit installments every month and 24% of respondents pay insurance premiums. While users of investment products are at 25%.

“Users of investment products are at 25%, but after digging deeper, it turns out that not all investment users are users of insurance products. It can be seen that the proportion of Gen Z in the user investment platform segment is 32%, while the proportion of Gen Z in the insurance user segment is 19%. In contrast to Gen X, this segment sees more insurance than investment platforms,” Aska explained.

“If we look at the financial pyramid, then the thing that must first be met is a safety net (for example meeting basic needs, emergency funds, insurance), then followed by investment to accumulate and preserve wealth. This is what Gen Z forgets, where they prefer direct investment to achieve financial freedom, without considering financial “security” first. A common reason why Gen Z is more willing to take risks is because they are currently single and unmarried,” Aska added.

How exactly does Gen Z view the concept of financial management? Do Millennials share the same view?

Get the details in our report here.

Header-[Premium Report] Fintech 1st Sem 2023_V5

Indonesia Fintech Trends – 1st Semester of 2023

As digital platforms continue to disrupt traditional financial services, they redefine the way individuals and businesses interact with their finances, especially through fintech. Fintech becomes the intersection between financial and technology. Several fintech platforms that are readily available including digital banking, digital wallet, investment, as well as online credit or lending. In this report, Jakpat will share our research findings related to the usage of various fintech services. These results are based on a survey conducted monthly in the first semester of 2023.

Key research points:

  • How society perceives financial planning
  • The usage of several financial technology platform
  • Popular fintech platforms and insurance providers used
  • Various insurance products

Here are some previews of the report:

Fintech Trends 1 Fintech Trends 2 Fintech Trends 3

Complete Report Can Be Downloaded Below

Want to Run A Survey?

or Email Us at partner@jakpat.net

Most Trusted E-Commerce & E-Wallets to Pay Taxes Online

Survey: Most Trusted E-Commerce & E-Wallets to Pay Taxes Online

Digitalization makes things easier, including in tax payments. We can pay taxes online through various platforms, such as e-commerce or digital wallets.

Jakpat conducted a survey to find out public perceptions regarding digital tax payments. The report, which involved 2,036 respondents, shows what digital platforms are for paying taxes, why they choose them, and how satisfied they are with using them.

The survey results stated that respondents who had paid land and building tax (PBB) through digital platforms in the last 1 year admitted to paying other types of taxes digitally, namely vehicle tax/PKB (71%), income tax/PPh (77%), and local taxes & retributions (76%).

“One of the impacts of the pandemic is the development of digital platforms that help people carry out various activities online, one of which is the payment of PBB and PKB taxes. In the end, this habit carried over until now, and has proven to be able to help people become compliant taxpayers, without sacrificing a lot of energy and time in the payment process,” said Head of Research Jakpat, Aska Primardi.

“This is in line with digital behavior in the general public who need super apps that can meet all their needs, from finding information, shopping, interacting, to paying taxes,” he added.

 

Digital PBB payments

There are various considerations for choosing a digital platform to pay the PBB. Half of the respondents rated bills as being paid faster & received directly by local governments this way. Other calculations are good and easy-to-understand socialization of PBB payments (40%) and easy-to-understand payment steps (38%). As many as 35% of respondents also think digital platforms are a trusted service for paying the PBB.

Then, respondents stated that they don’t mind taking the time to find a place to pay bills that provides the best deals/promotions (77%) and guaranteed transactions/safe (67%). Many respondents also thought that PBB payments using digital wallets have an easier process (88%).

 

Trusted PBB payment channels

More than 80% of respondents paid PBB via e-commerce and/or e-wallet in the past 1 year, followed by modern/traditional retail (58%) and banks, including m-banking & internet banking (56%). E-commerce and/or e-wallets are also the most trusted platforms at 48% while modern/traditional retail and banks at 27% and 25%.

Tokopedia is the most frequently used e-commerce. As many as 39% of respondents admitted that they often use Tokopedia, followed by Dana and Shopee with a percentage of 23% for each.

In addition, Tokopedia is also considered the most trusted platform by 45% of respondents. Other trusted e-commerce and /or e-wallets are Dana (21%) and Shopee (20%).

 

Get the details on our report here.

Tax Payments PBB Tokped

Tax Payments Through Digital Platforms

Digitalization drives digital platforms to innovate and facilitating users’ various needs, including tax payments. Platforms like e-commerce and e-wallet now offers tax payment services such as property and land tax (PBB) and motor vehicle tax (PKB). In this report, Jakpat will share our
research findings related to the payment of PBB and PKB made on digital platforms.

These results are based on a survey conducted on 19th of May to 16th of June 2023.

Key Research points:

  • Types of tax paid
  • Consideration in choosing platforms for tax payment
  • The usage of digital channel for tax payment, especially PBB and PKB
  • The mostly used digital platforms for tax payment, especially PBB and PKB

Here are some previews of the report:

redesign_reduced page_39735_Tokopedia Tax Study_Tokopedia_June 23_cv3_fixed_img_text_v2_Page_02redesign_reduced page_39735_Tokopedia Tax Study_Tokopedia_June 23_cv3_fixed_img_text_v2_Page_14redesign_reduced page_39735_Tokopedia Tax Study_Tokopedia_June 23_cv3_fixed_img_text_v2_Page_18

Complete Report Can Be Downloaded Below

Want to Run A Survey?

or Email Us at partner@jakpat.net

DIGITALPAYMENT_TREND_1st_S_2022_624x244

Indonesia Digital Payment Trends 1st Semester of 2022 – JAKPAT Survey Report

Online payment has become a significant part of Indonesian consumers, especially after the pandemic when most activities were carried out online. Besides being used for online transaction, digital wallet nowadays also easily used to pay offline transaction such as eating in a restaurant, paying parking fee, and shopping in a supermarket. In the last few years, JAKPAT has consistently monitored online payment trends, therefore, JAKPAT is back with a digital payment survey during the first semester of 2022.

Digital Payment 1st Semester 2022 - Pic 1 Digital Payment 1st Semester 2022 - Pic 2 Digital Payment 1st Semester 2022 - Pic 3

For more detailed data, please download the PDF file down below.

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