BI Fast Participants Increased To 122 Participants, Represent 94 Percent Of The National Retail Payment System

JAKARTA Bank Indonesia (BI) stated that starting today the number of BI Fast participants increased by 16 consisting of 14 banks and 2 institutions other than banks (LSB). This brings the number of BI Fast participants to 122 participants, representing 94 percent of the national retail payment system share.

Head of the BI Communication Department Erwin Haryono detailed that the additional new participants were members of batch six consisting of 11 national private banks, two regional development banks (BPD), one foreign bank, and two NGOs.

"Through this addition of participants, it is hoped that it can encourage the growth of the digital financial economy (EKD) and provide wider opportunities for the community to take advantage of BI Fast services," he said in a written statement on Monday, March 20.

According to Erwin, the stages of implementing BI Fast by participants to their customers are adjusted to the participant's strategy and plans in preparing the payment channel.

"The continued expansion of BI Fast membership is expected to meet the needs of the community, including BI stakeholders for fast, easy, cheap, safe, reliable retail payment system services," he said.

Erwin added, BI Fast is a payment system infrastructure provided by BI, accessible through applications or channels provided by the payment system industry to facilitate retail payment transactions for the community.

"BI Fast services are a form of BI's contribution with the payment system industry in encouraging the acceleration of digitalization," he stressed.

VOI noted that BI Fast is a facility from Bank Indonesia which has been launched since December 21, 2021, which allows interbank transfers to be cheaper than IDR 6,500 to IDR 2,500.