BI Says BI-Fast Rates Could Increase

Director of the Department of Payment Systems of Bank Indonesia (BI) Ryan Rizaldy (left) gave an explanation in the training of journalists in Bali, Friday night (23/8/2024). (Doc. ANTARA)

BALI - BI-FAST is a national retail payment system built by Bank Indonesia to facilitate real-time, safe, and efficient fund transfers. BI-FAST can be used for credit and debit transfers, and can be accessed 24/7 through branches, mobile/internet, and in the future will also serve transactions using QR codes, ATMs, and EDC.

Reported from ANTARA, Saturday, August 24, Director of the Payment System Policy Department of Bank Indonesia (BI) Ryan Rizaldy said that it is possible that there will be an adjustment to the BI-FAST rate in the future.

"So adjustments in the future are possible. However, the focus in the short term is how we can build good synergy between the infrastructure provided by Bank Indonesia and the industry," Ryan told the media crew in Bali, Friday night.

He added that the BI-FAST price adjustment depends on many factors, including developments in economic conditions and inflation.

"Of course, the issue of price adjustments will depend on many things, some of which are the surrounding economic conditions. Even that is a macro variable, right, so inflation and all sorts of things will later affect our considerations in setting prices," he said.

He said that currently BI-FAST remains attractive to the public because its rates are affordable at IDR 2,500 and it has a 24-hour real-time feature.

"What is certain is that currently it seems that the public is really enjoying the current price scheme. Our focus is more on how to build synergy," said Ryan.

In terms of large value, BI-RTGS transactions increased by 15.36 percent (yoy) to reach IDR 15,450 trillion. From the retail side, BI-FAST transaction volume grew by 65.08 percent (yoy) to reach 301.41 million transactions as of July 2024.