The Indonesian internet economy will soar to reach $130 billion by 2025, according to a recent report released by Google LLC.
The Indonesian internet economy grew four times the size it was in 2015 to $40 billion in 2019, according to the Google report titled, “”e-Conomy SEA 2019: Swipe Up and to The Right, Southeast Asia’s $100 Billion Internet Economy.”
“As the largest and fastest growing Internet economy in the region, Indonesia is well on track to cross the $130 billion mark by 2025,” read the report.
Indonesian Unicorn firms are leading the way again this year and is set to beat the record investment capital of $4 billion raised in 2018. Indonesian Unicorns Bukalapak, Gojek, Tokopedia and Traveloka have raised substantial amounts of capital this year, according to the report.
Ride-hailing app firm Grab is also planning a massive investment injection into the archipelago.
“Singapore-based Grab has also announced a multi-billion-dollar commitment to invest in the country over the next few years,” read the report.
The second largest internet economy in the region this year was Vietnam, according to the report, reaching $12 billion in 2019 with an annual growth rate of nearly 40 percent.
Digital Payment Widespread, Adoption
The Google report forecasted that digital payments will become the norm in only a few years time and be used 50 percent of the time to make financial transactions.
“The adoption of digital payments has finally
reached the inflection point and is expected to cross $1 trillion by 2025, accounting for almost one in every two dollars spent in the region,” read the report.