People’s habits in using financial services have changed. If you notice, people used to have to carry cash when shopping. This transaction method can make the shopping process longer, for example if the cashier has to look for change money. However, now people don’t have to carry cash when making transactions. You can make payments using a digital wallet on your smartphone, credit/debit card, and other payment methods.


So, the change in financial services was inseparable from the influence of technological developments. In the financial aspect, this technology is known as financial technology, aka fintech. In everyday life, there are various fintech services that can be utilized by the public. Find out what are the most popular fintech services through the following descriptions!

[Also read: Maximize Sales, These Types of Business Provide Offline Shopping Services]


Financial technology services in Indonesia


Financial technology services in Indonesia can develop along with the increasing use of smart phones. These services not only make it easier for users, but also play an important role in economic growth. You see, through fintech is a solution to reach people who previously had difficulty accessing financial services.


The types of services that are widely used


1. Payment service


Buying and selling activity is one of the most frequently encountered activities in our routine. Not surprisingly, financial technology services also often present solutions to simplify the payment process. The innovations presented in payment services can also vary, for example, like Cashlez, a business application that accepts non-cash payments.


Through the Cashlez application, business actors can optimize their business because there are various payment services, such as credit/debit cards, Virtual Accounts, payment links, QR Payments, and installments. Each transaction will be recorded directly on the sales report. You can also monitor the business even if you are not in the store.


2. Investment services


To support financial literacy and inclusion in Indonesia, financial technology services are presented in the form of investment. This service gives people a variety of digital choices. Some examples of investment products offered are crowdfunding and mutual funds.


Investment services in Indonesia have been regulated by authorized parties, some of which are OJK and BAPPEBTI. Usually, digital-based investment service providers will also provide education for their users. So, users can determine which product is most suitable for them.

[Also read: Types of Digital Financial Services, Which Do You Often Use?]


3. Deposit service


One type of financial technology product that is most in demand by the public is deposit-based services. This service can be used for a long time. Before the existence of digital financial services, saving money was often done at home. However, now people can use savings services and access their savings using mobile applications and the internet.


Of course, digital-based deposit services can provide you with convenience. Moreover, there are already regulations set by the government, including those set by Bank Indonesia, the Financial Services Authority, and the Deposit Insurance Corporation. In fact, now there are many deposit financial services that are completely digital based. So, you no longer need to go to the branch office if you need help.


4. Financing services


The next popular type of technology-based financial service is financing services. This service aims to make it easier for individuals and business actors who need funds for certain purposes. This financing can be used for consumer needs, buying houses, vehicles, paying for education costs, and so on. Meanwhile, for business loans, financing can be used to expand a business location or open a new branch.


One type of digital-based financing service that can be used by businesses is Peer to Peer Lending. This service provides financing within a certain period of time. Currently, Cashlez is also working with business financing service provider partners, namely KoinWorks to help Cashlez Merchants develop their business.


Various types of fintech that are popular in Indonesia have emerged as innovations to address the everyday problems faced by society. In order for financial technology services to develop effectively, every party, from the government, financial institutions, to the public, needs to work together and improve digital literacy. Let’s, together create an inclusive non-cash society! 

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