JAKARTA. The latest data from Bank Indonesia (BI) shows that the electronic money transactions in July 2019 have reached Rp 12.93 trillion, 262.67% higher than its record from the same period of 2018 of Rp 3.58 trillion, with a total transaction volume of 476,037,115 times.
The record amount for electronic money transaction value was previously recorded in May 2019 (Rp 12.81 trillion), with a total transaction volume of 422,602,216 times.
Governor of BI, Perry Warjiyo, once said that the positive performance of electronic money and digital banking is in line with the people's strong preference in making transactions using financial technology (tekfin) and e-commerce platforms.
As transactions increased, the central bank launched a standard quick response (QR) code for payments through server-based electronic money applications, electronic wallets, or mobile banking. The name is QR Code Indonesian Standard (QRIS)
QRIS, which was released on 17 August, aims to promote transaction efficiency, accelerate financial inclusion, and promote micro, small, and medium enterprises (MSMEs). "Which in the end could encourage economic growth," Perry said in a press release. (AM/AR)