Indonesia central bank says new payment system to slash money transfer costs

Indonesia central bank says new payment system to slash money transfer costs

Indonesia central bank says new payment system to slash money transfer costs

Information about Indonesia central bank says new payment system to slash money transfer costs

Kevin David Scam or Legit


JAKARTA (Reuters) – Indonesia’s central bank on Tuesday launched a new retail payment system that its governor said will slash the cost of money transfers and support the country’s booming digital economy.
The COVID-19 pandemic has accelerated growth in Indonesia’s digital finance, with digital banking transactions rising 47% on a yearly basis in November to reach 3,877 trillion rupiah ($269.52 billion) and e-money transactions up 62% to 31.3 trillion rupiah, according to Bank Indonesia’s (BI) data.
The newly launched “BI-Fast” system will allow real-time, secure money transfers of up to 250 million rupiah, at a maximum cost of 2,500 rupiah (17 U.S. cents) per transaction for customers, BI Governor Perry Warjiyo said.
This compares with the cost of the current interbank money transfer for customers using the national payment gateway of 6,500 rupiah per transaction.

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