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.”
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