Bank Indonesia Records Digital Banking Transactions Soaring 46 Percent, Payment Innovation Continues To Be Boosted

JAKARTA - Bank Indonesia (BI) reported that in February 2022 there was an increase in digital banking transactions by 46.5 percent on an annual basis (year-on-year/yoy) to IDR 3,732.8 trillion.

BI Governor Perry Warjiyo said that he would continue to accelerate digitalization and strengthen payment systems that are fast, easy, cheap, safe, and reliable in order to encourage public consumption to support economic recovery.

"Payment system innovation will continue to be encouraged, including acceptance of BI FAST transactions through expansion of service channels, assistance to participants, and education to the public," he said via online channel, Thursday, March 17.

Perry also revealed that the value of electronic money transactions grew 41.3 percent yoy to reach Rp. 27.1 trillion.

Meanwhile, the value of payment transactions using ATM cards, debit cards and credit cards also grew by 2.88 percent yoy to Rp596.2 trillion.

On the cash side, currency in circulation in February 2022 increased by 12.49 percent to reach IDR 881.5 trillion.

"Economic transactions and digital finance are growing rapidly in line with the increasing expectations and preferences of the public in online shopping, the expansion and convenience of digital payment systems, as well as the acceleration of digital banking," he continued.

Furthermore, the BI boss emphasized that the central bank would continue to implement the QRIS program to support the achievement of 15 million new QRIS users by 2022.

"Coordination with the government continues to be carried out in order to strengthen synergies and accelerate the digitization of payments through accelerated electronification of social assistance, regional government transactions, and transportation," concluded Perry.