BI Fast Transactions Achieve IDR 1,393 Trillion As Of October 2022

Illustration. (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) noted that BI-FAST Payment transactions have reached IDR 1,393 trillion as of October 2022 with a volume of 414 million transactions.

"This figure will continue to increase to more than Rp. 1,500 trillion from 450 million transactions by the end of this year," said BI Deputy Governor Doni Primato Joewono in the Announcement of the Results of the Board of Governors' Meeting (RDG) in November 2022 which was monitored online in Jakarta, quoted from Antara, Friday 18 November.

Therefore, he stressed that his party will continue to encourage BI-FAST transactions, both in terms of volume and nominal.

One of the steps that will be taken by the central bank in encouraging BI-FAST transactions is to open the fifth batch of BI-FAST participant registrations by the end of this year.

There are 29 new participants who will participate in the fifth wave, so that the total BI-FAST participants will reach 106 participants.

According to Doni, this total has reached 87 percent of the financial market share in Indonesia. In addition to the addition of participants, BI will focus on expanding the current BI-FAST features, such as credit transfers, direct discharges, and channel expansion.

"Meanwhile, we will continue to review the service price policy (pricing)," he said.

In the future, he mentioned that there will be more registrations for the sixth wave of BI-FAST participants, which are specifically for institutions other than banks.

To date, there are about two to three institutions other than banks that are technologically ready to participate in the sixth wave.