Starting July 1, 2022, Electronic Money Balance Limit Increases to IDR 20 Million

JAKARTA, KOMPAS.com – Bank Indonesia (BI) decided to increase the limit on the value that can be stored and the limit on the value of monthly transactions electronic moneyto facilitate the growth trend of these payment channels.

BI Governor Perry Warjiyo said that starting July 1, 2022, the limit on the value that can be stored on registered electronic money was increased from Rp 10 million to Rp 20 million.

“The monthly transaction value limit is from Rp 20 million per month to Rp 40 million per month,” he said in a virtual press conference, Tuesday (19/4/2022).

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The central bank assessed that the public’s need for non-cash payments, in this case electronic money, continued to increase, as reflected in the value of transactions that grew sustainably.

“The goal is indeed because of the increasing number of transactions in large amounts, so we align this with the needs of the community, both for e-commerce and traveling,” said BI Deputy Governor Juda Agung.

Electronic money transactions have indeed experienced significant growth over the last few years, in line with the expansion of the use of these payment channels.

Meanwhile, the value of electronic money transactions in the first quarter of 2022 recorded an annual growth of 42.06 percent (year on year/yoy), where for the whole of 2022 it is projected to increase by 18.03 percent yoy to reach Rp 360 trillion.

The decision to increase the deposit limit and the value of electronic money transactions is in line with the central bank’s efforts to encourage payment system innovation to support government programs and accelerate the National Economic Recovery (PEN).

“As well as encouraging the acceleration of an inclusive and efficient Digital Economy and Finance (EKD) through a non-cash payment system policy,” said Perry.

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