Mobile wallets are becoming a hot commodity these days, but that will not necessarily benefit the consumer. In Indonesia, for example, there are far too many different digital wallet offerings already. More and more partnerships are forged to offer new solutions, resulting in a fragmented landscape. Bitcoin remains the only unified solution that can work for everybody.
One thing the vast majority of existing digital wallets in Indonesia have in common is how they target different segments of the population. Every individual offering does its own thing, rather than creating a go-to solution for various needs. Collaboration with banks is tough, as every major bank is working on its own digital wallet solution right now.
Fragmented Digital Wallet Ecosystem In Indonesia
While giving consumers ample choice is a positive thing, saturating the market is an unwelcome consequence. It does not make sense for the average person on the street to install a dozen different digital wallets for everyday expenses. Moreover, not everyone in Indonesia has access to a bank account or its services, leaving a lot of consumers cut off from these mobile platforms.