tl;dr
The digital wallet and prepaid card markets in Indonesia and Thailand are experiencing significant growth in 2025. Indonesia's market is expected to grow by 8.4% to reach $7.94 billion, with a projected CAGR of 6.6% through 2029, driven by technological advances, e-commerce, ride-hailing sectors, an...
Indonesia's digital wallet and prepaid card market is set to expand by nearly 10% in 2025, reaching a valuation of $7.94 billion. This growth is fueled by technological progress, a surge in e-commerce and ride-hailing services, and the rise of cross-border payments. Analysts project a compound annual growth rate (CAGR) of 6.6% from 2025 to 2029, potentially pushing the market capitalization beyond $10 billion. Open-loop and virtual prepaid cards are key contributors to this expansion, while regulatory shifts and enhanced digital asset oversight signal a transforming financial ecosystem.
In Indonesia, major financial institutions remain dominant, leveraging their established customer bases and advancing digital banking capabilities. However, emerging fintech companies are gaining traction by offering innovative prepaid card solutions integrated with digital wallets. The government's move to transfer digital asset sector oversight to the Financial Services Authority and the advancement of central bank digital currency (CBDC) experiments further indicate a dynamic regulatory landscape.
Meanwhile, Thailand's prepaid card market is forecast to hit $18.64 billion in 2025, growing at a robust 13.4% CAGR to an estimated $30.87 billion by 2030. This rapid growth is driven by strong governmental regulatory support, the push towards a cashless economy, and increasing integration of prepaid cards with digital wallets. Corporate expense management solutions utilizing prepaid cards are gaining popularity, offering real-time transaction monitoring and improved financial control.
Thailand’s banking sector, led by major players such as Bangkok Bank, Kasikorn Bank, and Siam Commercial Bank, continues to hold substantial market share. Nevertheless, innovative fintech entrants like TrueMoney, Rabbit LINE Pay, and AirPay are making notable inroads by delivering personalized and integrated prepaid card offerings. The government is also pioneering digital assets, including a government-backed stablecoin and digital bonds, while fostering regional payment solutions to enhance the Southeast Asian financial ecosystem.
Both Indonesia and Thailand are undergoing financial ecosystem transformations marked by regulatory changes, fintech innovation, and experiments with digital currencies. Regional cooperation and government initiatives are accelerating the adoption of digital payment technologies and digital currencies, signaling a future where digital wallets and prepaid cards play central roles in Southeast Asia’s evolving financial landscape.