A striking 33 per cent of the unbanked population claimed that distance was the biggest barrier standing between them and having a bank account. However, 62 per cent of the population (approximately 161 million people) had access to mobile phones.* Internet penetration was increasing and projected to reach 54 per cent in 2023, while smart phone penetration was poised to increase to 33 per cent by the same year. With consumers flocking online on their devices, Indonesia's Internet economy grew to US$40 billion in 2019 and was expected to increase to $130 billion by 2025.' The global COVID-19 pandemic forced people into lockdowns in 2020, speeding up the arrival of the digital services era everywhere, including in Indonesia