Jakarta, CNBC Indonesia – Transactions using currency, both coins and paper money, are starting to be abandoned by the community. This is reflected in the growth in the use of electronic money, which is higher than the growth in the circulation of Bank Indonesia (BI) circulating money.
Bank Indonesia (BI) governor Perry Warjiyo explained that his party continues to push for an increase in the efficiency of the payment system, through tightening policies and accelerating digitalization to maintain the momentum of the economic recovery.
BI noted that the value of e-money transactions in November 2022 grew by 12.84% (YoY) to IDR 35.3 trillion. The value of digital banking transactions increased by 13.88% (YoY/YoY) to IDR 4,561.2 trillion, in line with the normalization of people’s mobility.
Furthermore, the value of payment transactions via ATMs, debit cards and credit cards also increased by 16.85% (YoY) to Rs 664.9 trillion.
The growth in the use of digital transactions is higher than the growth in circulation of the currency in circulation (UYD) in November 2022. “The UYD in November 2022 increased by 7.77% (year on year) to Rp 935.2 trillion “explained Perry.
“Digital economic and financial transactions have increased supported by the growing public acceptance and preference for online shopping, the breadth and ease of digital payment systems, and the speed of digital banking,” Perry said.
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