Bye, Paper Money! Electronic Transactions Soar 33%

Electronic Money (E-Money)

The value of electronic transactions continues to soar. Bank Indonesia (BI) reports that the total value of electronic money transactions was IDR 98.55 trillion as of September 2022.

This figure was recorded to have decreased by 2.02% on a month-to-month/mtm basis, namely IDR 100.58 trillion. Electronic money transactions in September 2022 were recorded to have decreased from the previous month. However, this figure increased significantly when compared to the previous period.

Nevertheless, the value of electronic money transactions in September was recorded to be 33.71% higher year-on-year/yoy, namely IDR 73.70 trillion.

In detail, as of September 2022 alone, the value of electronic money shopping transactions was recorded at IDR 37.06 trillion. Meanwhile, the value of transfer transactions between electronic money was recorded at IDR 17.89 trillion.

In addition, the initial transaction value when filling in electronic money for the first time is IDR 497 billion, the electronic money top-up transaction value is IDR 39.28 trillion. Also, for electronic money cash withdrawals, the transaction value was recorded at IDR 2.8 trillion.

Meanwhile, the value of electronic money redemption transactions was Rp. 919 billion with a transaction volume of 1.076 billion times. The number corrected by 0.14% compared to August 2022, which was 1.078 million times.

Finally, the value of debit card transactions was IDR 657.97 trillion in September 2022. This value decreased by 5.21% compared to August 2022 which amounted to IDR 694.13 trillion.

This increase was supported by increasing public expectations and preferences for online shopping.

BI Governor Perry Warjiyo said this was also supported by the expansion and convenience of digital payment systems and digital banking acceleration.

“The value of electronic money transactions (EU) in October 2022 grew 20.19 percent year on year (YoY) to reach IDR 35.1 trillion,” he said when giving a press statement quoted Monday, 21 November.

Perry explained that the same thing happened to the value of digital banking transactions, which increased 38.38 percent to IDR 5,184.1 trillion in line with the normalization of people’s mobility.

“Meanwhile, the value of payment transactions using ATM cards, debit cards, and credit cards increased by 23.52 percent to IDR 691.6 trillion,” he said.

On the other hand, the amount of currency in circulation (UYD) up to last month increased by 6.04 percent to reach IDR 905.9 trillion.

Bank Indonesia emphasized that it would continue to ensure the availability of quality rupiah currency throughout the territory of the Unitary State of the Republic of Indonesia (NKRI).