Indonesia payments market to hit $127b in 2026 on e-money surge

Accelerating QR payments adoption is in part driving growth, said Mordor Intelligence.

Indonesia’s payment infrastructure market is expected to hit $127.32b in 2026, 12.98% higher than $112.69b in 2025, according to estimates by Mordor Intelligence.

The market will register a compound annual growth rate (CAGR) of 9.83% between 2026 to 2031 and reach $203.47b in five years’ time, it said.

Accelerating QRIS merchant adoption, rapid uptake of BI-FAST real-time rail, and pivot from hardware to cloud native orchestration will drive growth, Mordor Intelligence said.

Super-app ecosystems are reinforcing e-money as the preferred consumer instrument, the report said, with e-wallets embedded into ride-hailing, e-commerce, and food delivery flows.

“With network effects compounding, e-money’s share of the Indonesia payments infrastructure market size could surpass cards well before 2031,” Mordor Intelligence said.

Card-based payments still generated 43.89% of 2025 volume, but e-money outpaced every other instrument, expanding at an 11.21% CAGR that will reshape the Indonesia payments infrastructure market size at the instrument level, Mordor Intelligence said.

For the market, potential markets for growth are in the yet unbanked population in Papua and Maluku, the report said.

Agent networks are also helping bridge the gap in Indonesia’s payment infrastructure, transforming kiosks into cash-in points, it said.