Client & Partner: TRPC - VISA Inc.,
The focus of the research was to identify the value propositions for mobile wallets, prepaid cards and a hybrid product of the two (a prepaid card linked to a mobile branchless banking product), as perceived by the underbanked and unbanked population of Indonesia.
Given the complexity of the research objective, the main research question was broken down into the following sub-questions to guide the design of the surveys.
- What is the extent of awareness and knowledge of available financial products and services among the target groups?
- What are the perceptions of various financial products among the target groups? (i.e. how are mobile branchless banking products perceived? How are credit cards, debit cards, and prepaid cards perceived? Is there an important status element to be considered?)
- What behavioural patterns do the target groups display in relation to the types of expenditure, choice and frequency in the use of financial products and services (including cash, banking and mobile products and services)?
- What constraints do the target groups experience in relation to accessing and using available financial products? What are the unmet demands?
- What are the aspirations of the target groups in relation to undertaking various financial activities?
- What would influence the willingness of the target group to alter their behaviour from current solutions to alternative financial channels (i.e. mobile wallet and prepaid cards)?
The research and the analysis follow a matrix framework, which comprise a set of existing financial products and services as the verticals and 5 stages or categories of cross-cutting areas of inquiry as horizontals. The research employed a mixed methods approach comprising two interlinked research components, namely a qualitative ethnography (FGDs) and a set of quantitative surveys.
A total of 12 FGDs comprising a combination of unbanked and banked groups were conducted across 5 cities in 5 provinces, involving 118 participants. The quantitative data collection was done through a household survey. While the household was the unit of the survey, only one respondent per household was interviewed. A total of 1,200 participants were surveyed through quota sampling from a mixture of banked and unbanked population from urban and rural districts.