QRIS Transactions Soar, BI Calls Supported Interconnection On Digital Financial Economy Payments And Expansion

Governor of Bank Indonesia (BI) Perry Warjiyo (ANTARA)

JAKARTA - Bank Indonesia (BI) noted that the performance of digital economic and financial transactions remains strong, supported by a safe, smooth, and reliable payment system in May 2024. This is reflected in the increase in the Quick Response Code Indonesian Standard (QRIS) and BI-RTGS transactions.

Governor of Bank Indonesia (BI) Perry Warjiyo said that QRIS transactions grew by 213.31 percent (yoy) in May 2024, or when compared to April 2024 which only grew by 194.06 percent (yoy).

"The QRIS transaction grew 213.31 percent (yoy), with the number of users reaching 49.76 million and the number of merchants 32.25 million," he explained, quoted on Sunday, June 23.

Furthermore, BI-RTGS transactions recorded an increase of 0.16 percent (yoy) to reach Rp14,557.29 trillion in May 2024. BI-FAST transactions were recorded at Rp701.61 trillion or grew 53.08 percent (yoy).

Then, digital banking transactions reached Rp5,570.49 trillion or grew by 10.82 percent (yoy), while Electronic Money (EU) transactions increased by 35.24 percent (yoy) to reach Rp92.79 trillion.

Meanwhile, payment transactions using ATM/D cards decreased by 5.41 percent (yoy) to reach Rp615.18 trillion.

Meanwhile, credit card transactions still increased by 6.60 percent (yoy) to Rp35.18 trillion. In terms of Rupiah's money management, the amount of Circulated Money (UYD) increased by 6.82 percent (yoy) to Rp1,038.26 trillion.

Perry conveyed that the stability of the payment system infrastructure is maintained, supported by the increasingly wide interconnection of industrial structures.

"In terms of infrastructure, smoothness and reliability of the Bank Indonesia Payment System (SPBI) are well maintained, safe, and reliable, supported by adequate liquidity and operational conditions," he said.

Perry conveyed that in terms of industrial structure, the interconnection of payment systems and the expansion of the Digital Financial Economy (EKD) ecosystem continued to increase.

"The payment transaction based on the National Open API Payment (SNAP) which facilitates interconnection in the payment system grows positively, driven by the expansion of cooperation between industry players," he said.