BI-FAST Transactions Until May 2022 Reaches IDR 320.6 Trillion

Bank Indonesia logo. (Photo: Antara)

JAKARTA - Head of the Payment System Policy Department of Bank Indonesia (BI) Filianingsih Hendarta said his party targets BI-FAST transactions to reach IDR 811 trillion throughout 2022.

"We project Rp 811 trillion by the end of the year. Hopefully it will be achieved," he said at the BI-FAST Implementation Acceleration event in Jakarta, Thursday.

Meanwhile, until May 29, 2022, BI-FAST transactions have reached Rp320.6 trillion from 85.3 million transactions.

For the period during Ramadan and Eid holidays, from April 3 to May 8, 2022, BI-FAST transactions reached 27.6 million transactions with a value of IDR 107.4 trillion.

In addition, the daily average transaction volume during Ramadan and Eid holidays also rose 29 percent to 767,169 transactions, which was higher than the March 2022 average of 596,771 transactions.

Filia admits that she is optimistic that the transaction target of IDR 811 trillion will be achieved, considering that the cost of interbank transfers through BI-FAST is more efficient at IDR 2,500 so that it is very profitable, including for MSME players.

"Usually we make online transfers of Rp. 6,500, now it is only Rp. 2,500, so the difference is Rp. 4,000. For MSMEs, it feels really good, if they make payments 10 times a day," he explained.

Moreover, Filia said, the interbank transfer rate through BI-FAST, which is Rp. 2,500, is the maximum price, so there are several banks that offer free promos.

He did not deny that there was an opportunity to reduce the transfer fee after a periodic review by Bank Indonesia.

"We may later, in our provisions, it is stated that we will conduct periodic reviews. So later in time this (Rp 2,500) can be lowered," concluded Filia.