Bank Indonesia Says BI Fast Transaction Value Touched Rp320 Trillion In Five Months

BI Fast media briefing (Photo: Screenshot of Bank Indonesia's virtual channel)

JAKARTA - Bank Indonesia (BI) reports that the value of BI Fast transactions this year (January-May 2022) has reached Rp320.6 trillion.

Head of the BI Payment System Policy Department Filianingsih Hendarta said the figure was obtained from 85.3 million customer transactions.

"Transactions increased significantly during last Ramadan and Eid," he told the media via virtual channels on Thursday, June 2.

In detail, Fili explained that during the last Ramadan, there were 27.6 million transactions with an estimated value of not less than Rp. 107.4 trillion.

"BI Fast services are growing because they can facilitate various transactions, either in mobile banking or directly at the teller," he said.

For information, BI Fast is the latest service from Bank Indonesia that allows interbank banking transactions to be cheaper at a cost of IDR 2,500 from the previous IDR 6,500.

Fili himself explained that currently there are 52 financial institutions that have been connected to the BI Fast facility developed by the central bank.

"This amount already represents 82 percent of the market share of the national payment system," he stressed.

Meanwhile, BI Fast is claimed by Fili to be able to accelerate economic recovery and support the expansion of financial inclusion in the country.

“We are trying to make this happen from two sides. First, from the supply side, Bank Indonesia ensures that this system will continue to be available 24 hours a day with a secure system capability and maintained liquidity,” he said.

"Meanwhile, from the demand side or BI Fast participants (banks), we encourage them to optimize this service through four things, namely accelerating implementation on the main channel (mobile banking), expanding services and channels, communicating with customers, and implementing competitive pricing schemes. ' closed Fili.