The use of physical money and ATMs began to be abandoned. This is based on the latest data published by Bank Indonesia (BI). According to BI, transactions through physical money are decreasing, replaced by digital transactions, which continue to increase.
BI Governor Perry Warjiyo explained that the value of electronic money transactions in July 2022 grew 39.76% (year on year / YoY) to reach IDR 35.5 trillion and the value of digital banking transactions increased 27.82% (YoY) to IDR 4,359.7 trillion. in line with the normalization of community mobility.
Meanwhile, the value of payment transactions using ATM cards, debit cards, and credit cards only increased by 34.87% (YoY) to Rp 739.4 trillion, lower than electronic money transactions.
“Economic transactions and digital finance have increased, supported by increasing public expectations and preferences in online shopping, expansion and convenience of digital payment systems, and acceleration of digital banking,” said Perry at a press conference, Tuesday (23/8/2022).
In encouraging the implementation of payment system services that meet the principles of integration, interconnection, and interoperability, Perry said, Bank Indonesia continued and strengthened preparations for the implementation of Domestic Government Credit Cards and the National Open API Payment Standard (SNAP).
Bank Indonesia also continues to strengthen coordination and collaboration with the Ministries/Agencies Task Force for the Acceleration and Expansion of Regional Digitalization (P2DD) to encourage the acceleration of regional digitalization to support regional economic growth.
On the other hand, the amount of currency in circulation in July 2022 increased by 7.08% (YoY) to reach Rp 913.3 trillion. Economic liquidity also remained loose, as reflected in the narrow (M1) and broad (M2) money supply, which grew by 14.89% (YoY) and 9.58% (YoY).
“Bank Indonesia continues to ensure the availability of Rupiah currency with maintained quality throughout the Republic of Indonesia as well as the implementation of education programs for love, pride, understanding (CBP) of the rupiah, including education on rupiah currency for the year 2022,” explained Perry.
Furthermore, before BI introduced QRIS, digital wallet penetration had already begun, but transactions were relatively limited due to several problems. One of the most important is the QR code that does not match and does not belong to the digital wallet provider owned by the user.
Currently, these problems have been resolved and have been able to significantly increase the number of electronic money transactions.
QR Code is one of the shared delivery channels in payment transactions. Other shared channels for payments include ATMs and EDC machines, where payments are made by card.
In the last ten years, electronic money transactions have increased sharply from only IDR 2 trillion (less than 1% of total digital transactions) in 2012, now soaring to IDR 786 trillion (9% of total digital transactions) in 2021.
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