Bank of Indonesia unveils new retail payments system

The Bank of Indonesia has launched a new retail payments system to help cut the cost of money transfers and support the growth of the digital economy.

According to Perry Warijyo – Bank of Indonesia Governor – the BI-Fast system will bring customers real-time, secure money transfers of up to 250 million rupiah ($170,000) at a maximum cost of 2,500 rupiah (17 cents).

Data compiled by the bank has found that digital banking transactions around Indonesia have grown 47% year-over-year through November to 3,877 trillion rupiah ($269.52bn) in large part due to the global spread of the Covid-19 pandemic.

Warijyo said, “(BI-Fast) will accelerate the digitalisation of the national economy, integrate the payment system industry from end to end — digital banking, FinTech, eCommerce and consumers, promote economic and financial inclusion and support the national economic recovery.”

Copyright © 2021 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.