AKKI: Indonesia credit card market will grow 5 percent this year

INDONESIA: The Indonesian Credit Card Association (AKKI) predicted that the number of credit card circulating in the country will grow by 5 percent to around 18 million cards this year, the Jakarta Post reported. The growth of credit card market may be affected by the new regulation set by Bank Indonesia, the central bank of Indonesia.

Effective from this month, the central bank only allows Indonesian whose monthly income is between IDR 3 million (RM937.84) and IDR 10 million (RM3,126.15) to have a maximum of two credit cards under the new regulation.

As of December 2012, total credit card holders in Indonesia were recorded at 7.8 million with 30 percent of it are premium account holders and 70 percent are regular account holders. There are 19 card issuers in the country and BCA, Bank Mandiri, BNI, Citibank and CIMB Niaga are the top five issuers.

by Terry Brown

Author: VSDaily Editor

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