THREE DIGITAL PAYMENT INITIATIVES FOR ECONOMIC RECOVERY

Jakarta, 14 February – The Bank Indonesia Governor, Perry Warjiyo, has reiterated the importance of digital payments to drive economic recovery. This is in line with the theme of Indonesia’s G20 Presidency in 2022, namely Recover Together, Recover Stronger. To that end, Bank Indonesia is implementing three initiatives as a collective, collaborative and inclusive action between advanced and developing economies. First, accelerating payment system industry consolidation, comprising the banking and FinTech industries. Second, developing integrated payment system infrastructure, while supporting interoperability and interconnectivity, with initiatives such as the National Open API Payment Standard (SNAP), expanding 15 million QRIS users and the launch of BI-FAST. Third, synergy and coordination, including MSME electronification, integration, transformation and digitalisation. The BI Governor delivered his message at the opening session of Digital Payment System Innovation, as a side event of the second Finance and Central Bank Deputies Meeting (FCBD) and first Finance Ministers and Central Bank Governors Meeting (FMCBG) of Indonesia’s G20 Presidency, held from 14-19th February 2022.

The BI Governor also revealed how digital banking surveys have developed rapidly in terms of retail payments. The key to digital development is striking an optimal balance between innovation and risk mitigation, while moving towards international payments. Under current conditions, collaboration and joint action between developing and advanced economies have become more important in line with the goals of the G20. Domestically, strategies are more effective when stakeholders cooperate through innovative and collaborative approaches.

Echoing those sentiments, the Minister of Tourism and Creative Economy, Sandiago Uno, explained how digital payments can support every dimension of tourism, namely Cleanliness, Health, Safety and Environmental Sustainability (CHSE), thus attracting travellers and boosting transactions. In addition, the deepening of digital payment initiatives by Bank Indonesia will accelerate the government and business sectors. In terms of the transportation sector, expanding toll road connectivity provides a promising outlook for the digital payments industry. In the banking industry, digital payments have significantly increased customer transactions in all regions.

In conjunction with the Chairman of the Indonesia Payment System Association (ASPI), Santoso Liem, Chairman of the Association of Indonesian Private Commercial Banks (PERBANAS), Kartika Wirjoatmodjo, Chairman of the Indonesia FinTech Association (Aftech), Pandu Sjahrir, Vice Chairperson of the Chamber of Commerce and Industry (KADIN Indonesia), Shinta W. Kamdani, BI Governor Perry Warjiyo took the opportunity to launch the hashtag, #AyoPakai QRIS Road to 15 juta pengguna baru, in a bid to attract 15 million new users to QRIS. The event, as a representation of widespread QRIS use domestically and internationally, also introduced a QRIS scan feature to order satay from Gawok Market remotely.

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