The Indonesian Central Bank says that the Indonesian credit card market is still very potential and the growth possibility are very much open.
The data recorded from the Directorate of Bank Payment Systems noted that according to Central Bureau of Statistics (BPS), there are approximately 104 million potential new card holder with total numbers of credit card at year end 2010 is 13.4 million cards.
With the assumption that 1 person have 2 cards, the current market penetration of qualified credit card holders in Indonesia is only 4.5%. And considering that most people especially in big cities like Jakarta or Surabaya are usually have more than 2 credit cards then the actual market penetration will much lower.
The rapid growth of credit card trend is reflected in an increasing number of cards in circulation each year. For the past 5 years, the number credit card in circulation increased in a staggering 10 percent average rate every year while the values of transaction using credit cards increased by 28 percent.
This numbers are still open to more expansion considering the potential card holders out of the population is as high as 48.7 percent.
In 2010, there are 51 million cards distributed by banks and other financial institutions in Indonesia. This number is an increase compare with 44.5 million in 2009 or 14.2 percent increases.
Out of those cards, 95 percents are ATM cards which also function as a debit cards issued by some 46 banks in Indonesia.