Credit Cards Transactions And Alike Rise Nearly Double Digits Ahead Of Ramadan

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JAKARTA – Bank Indonesia (BI) informed that there was a spike in domestic financial transactions in February 2023 or one month ahead of Ramadan.

BI Governor Perry Warjiyo said the value of payment transactions using ATM cards, debit cards, and credit cards rose to almost double digits by 9.61 percent on an annual basis (year on year/yoy) to around IDR 654.9 trillion.

"Digital financial and economic transactions are growing rapidly in driving economic activity," he said in an official statement, quoted by the editorial team on Friday, March 17.

According to Perry, similar conditions also occurred in other virtual channels, such as the value of electronic money transactions in February 2023 which grew high by 31.14 percent yoy to reach IDR 35.7 trillion. Then, the value of digital banking transactions increased by 28.35 percent year on year to IDR 4,332.1 trillion.

"This development is supported by wider digital economic activities, digital payment systems that are getting easier in line with the smooth and reliable support of the BI payment system, as well as rapidly increasing digital banking," he said.

Meanwhile, the amount of currency in circulation (UYD) in February 2023 increased 2.71 percent yoy to IDR 905.4 trillion. Perry revealed that the central bank ensures the availability of quality rupiah currency throughout the territory of the Unitary State of the Republic of Indonesia (NKRI).

"In this regard, Bank Indonesia will strengthen payment system policies in the face of the month of Ramadan and Idul Fitri by ensuring the availability and reliability of payment systems and industrial payment systems. This also includes monitoring participant systems in providing payment system transaction services," Perry concluded.