Indonesia central bank says new payment system to slash money transfer costs -Breaking
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JAKARTA (Reuters – Indonesia’s central bank launched a new retail payment scheme Tuesday. The system, its governor stated, will lower the cost of money transfers while supporting the country’s booming online economy.
According to Bank Indonesia (BI), digital transactions have increased in Indonesia due to the COVID-19 pandemic. They grew 47% annually to 3,877 trillion Rupiah ($269.52 Billion) in November. E-money transactions jumped 62% to 31.3 Trillion Rupiah in December.
“BI Fast” will enable customers to make real-time secure transfers up to 250 million rupiah. Each transaction costs a maximum of 2,500 rupiah (17.5 U.S. cents), according Perry Warjiyo from BI Governor.
This is compared to the 6.500 rupiah transaction fee for the interbank money transfer service that customers use through the national payment portal.
Warjiyo explained that (BI-Fast), will help accelerate digitalisasion in the national economy. The program integrates the payment industry from beginning to end, including digital banking, fintech and consumer, as well as promote economic, financial inclusion and support national economic recovery.
Southeast Asia is one of the world’s fastest growing internet markets with Indonesia’s internet economy expected to be worth $146 billion by 2025, representing 20% compounded annual growth, according to a report by Alphabet (NASDAQ:)’s Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company released in November.
($1 = 14,385.0000 rupiah)
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