The development of credit card business in Indonesia had been more shining in the last six years (2014 – 2019), in line with the development of lifestyle of urban people following the trend to use credit cards in global markets. It is reflected from the performance of credit card industry which grows significantly in that period, either the growth of total distributed cards, total launched new cards, or the amount of credit card transaction value.
Based on the latest data from Bank Indonesia (BI), until 2019 total credit card issuing companies in Indonesia reached 25 companies. Banking institutions still dominated reaching 23 banks, consisting of 14 national private companies, 3 BUMN banks, 4 overseas banks, 1 mixed bank and 1 sharia bank. There were only 2 financing companies issuing credit cards in Indonesia.
Credit card business in Indonesia is colored by tight competition among market players. Based on the research of CDMI Consulting, ten top banks including Bank BCA, Bank CIMB Niaga, Bank Mandiri, BNI and BRI seize the credit card business value. In 2019, the credit card transaction value amounted to Rp. 332.15 trillion or rose by 5.68 % if compared to that in preceded year of Rp. 314.29 trillion.
Meanwhile, the market shares of Bank Mega, Citibank, StanChart Bank, HSBC Bank, Bank Danamon have kept
on increasing since they have their own credit card prominences. In the last several years, Indonesian credit card business has also been enlivened by the existence of some new players such as Bank Sinarmas, Bank MNC and Bank Mayapada Internasional which started issuing credit cards in 2018.