Increasingly Reliable, QRIS and BI-Fast Transactions Surge Throughout 2024

QRIS to Unveil a Range of New Features, Promising Increased Benefits and Power (photo: qris.online)
QRIS to Unveil a Range of New Features, Promising Increased Benefits and Power (photo: qris.online)
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The convenience of making payments in Indonesia has reached new heights with QRIS and BI-Fast. Bank Indonesia (BI) has reported a significant surge in digital economic and financial transactions throughout 2024, driven by a secure and efficient payment system. The rise in transactions through QRIS and BI-Fast has played a central role in this growth.

BI Governor Perry Warjiyo shared that digital payment transactions for 2024 totaled 34.5 billion, marking a 36.1% increase compared to the previous year.

“Transaction volumes on mobile applications grew by 39.1% year-on-year (yoy), while internet-based transactions rose by 4.4% yoy. Additionally, QRIS transactions continued their remarkable growth, increasing by 175.2% yoy, supported by more users and merchants,” Perry stated during the January 2025 Board of Governors Meeting held in Jakarta on Wednesday (15/1/2025).

The robust infrastructure supporting digital payments also made strides. Retail transactions processed via BI-Fast grew by an impressive 62.4% yoy, amounting to 3.4 billion transactions worth IDR 8.9 trillion.

High-value transactions were no exception to this upward trend. BI-RTGS, the system handling large-scale transactions, recorded a 3.1% yoy increase in transaction volume, totaling 10.3 million. The value of these transactions soared to IDR 126.3 thousand trillion, a 17.6% increase from 2023. Perry expressed confidence that these positive trends will persist in 2025.

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“Digital payments are projected to grow by 52.3% in 2025. BI-Fast transaction volumes are expected to increase by 34.1%, and BI-RTGS transaction values are anticipated to rise by 11.4% yoy,” he added.

Despite this rapid growth, Perry emphasized the stability of Indonesia’s payment systems, which are underpinned by a strong industry structure and reliable infrastructure. The seamless operation of the Bank Indonesia Payment System (SPBI) reflects this stability, as does the ample supply of quality currency as of December 2024.

The growing interconnectivity among payment system participants has further enhanced the ecosystem. Payment transactions using the National Standard Open API Payment (SNAP) framework have also gained traction, reflecting increasing adoption.

“Bank Indonesia continues to ensure the availability of Rupiah currency in sufficient quantities and proper quality across the country, including in frontier, outermost, and remote (3T) areas,” Perry concluded.