BI Governor Perry Warjiyo Estimates Electronic Money Transactions In 2023 To Reach IDR 495 Trillion

JAKARTA - Bank Indonesia (BI) Governor Perry Warjiyo estimates that the value of electronic money transactions in 2023 will grow rapidly to reach IDR 495 trillion, driven by the acceleration of Indonesia's digital financial economy.

"We estimate that this year's electronic money will grow even faster, reaching Rp495 trillion," Perry said at the 2023 Indonesian Digital Financial Economy Festival (FEKD), quoted from Antara, Monday, May 8.

Perry also projects that e-commerce transactions can reach IDR 533 trillion and digital banking services reach more than IDR 64,000 trillion.

This is in line with BI's commitment to digitizing the payment system as the epicenter of Indonesia's digital financial economy.

In accelerating the digitization of payment systems, BI targets 45 million users of the Quick Response Code Indonesian Standard (QRIS) by 2023, of which 80-90 percent of its users are micro, small and medium enterprises (MSMEs), including in traditional markets.

"This is where the tangible manifestation of our commitment, including BI's commitment. Since 2019 BI has committed to digitizing the payment system into the epicenter of Indonesia's digital financial economy and we published it with the Blueprint of the Indonesian Payment System (BSPI) in 2019 and then we will continue to improve it in the future," he said.

He said that Indonesia is one of the fastest countries in accelerating the digital financial economy, which is reflected, among others, in the electronicization of financial transactions from the central government and in various regions, and the use of digital facilities in the economy.

In addition, digital payment systems are also increasing to traditional markets, MSMEs and houses of worship. This is because digital financial economic transactions can be carried out anywhere and anytime.

Perry said the Blueprint vision and mission of the Indonesian Payment System is one Indonesian payment digital connectivity company, one language for all payment services with national standards and one digital nation for Indonesian payments, connectivity and also Indonesia's payment consolidation.

Since the issuance of BSPI, BI has built digital connectivity as a nusa digitalization of Indonesia's financial economy which is in line with its commitment to realizing Indonesia's payment system into the epicenter of the digital financial economy, namely by launching BI-FAST, which is now almost one billion transactions per day.

"Not only one digital connectivity company, we will connect BI-FAST with national payment gates and other digital payment system infrastructure," he said.

In encouraging a language of Indonesian payment services, BI started with the implementation of the use of QRIS which was useful for increasing the efficiency of the payment system.

"We have also developed in the industry how to use payment language services, namely the National Open API Payment Standard (SNAP) is a one-language vision," he said.

To realize one digital Indonesian payment nation, BI has consolidated Indonesia's payment industry including digital banking, payment services companies and their integration connectivity with market and e-commerce workshops.