WARTAINDONESIA EN – Bank Indonesia (BI) recorded that the value of digital payments in Indonesia banking transactions reached Rp58.478.24 trillion in 2023. This figure grew 13.48% year-on-year (yoy) from Rp51.224.3 trillion in 2022.
The growth of digital banking transactions was supported by several factors, including:
- The increasing use of the internet and smartphones in society
- The development of financial technology (fintech)
- The COVID-19 pandemic, which encouraged people to switch to digital transactions
From the perspective of transaction type, interbank transfer transactions were the largest contributor to the value of digital banking transactions, reaching Rp24.799.3 trillion. This transaction grew 12.56% year-on-year.
Transactions using ATM, debit, and credit cards also grew by 1.35% year-on-year to reach Rp8.178.69 trillion. Meanwhile, the value of electronic money (EM) transactions increased 43.45% year-on-year to reach Rp835.84 trillion. The nominal value of QRIS transactions recorded a 130.01% year-on-year growth to reach Rp229.96 trillion.
With this rapid growth, BI projects that the value of digital banking transactions in Indonesia will continue to increase in 2024. BI estimates that the value of digital banking transactions will grow 9.11% year-on-year to reach Rp63.803.77 trillion.
The growth of digital banking transactions has positive implications for the Indonesian economy. These include improving the efficiency of the payment system, driving the growth of MSMEs, and creating new jobs.
Improving the Efficiency of the Payment System
The increasing growth of digital banking transactions can improve the efficiency of the payment system in Indonesia. This is because digital banking transactions can be made quickly, easily, and securely.
With a more efficient payment system, transaction costs can be reduced. This can have a positive impact on the Indonesian economy, as it can drive economic growth and consumer purchasing power.
Driving the Growth of MSMEs
Digital banking transactions can also drive the growth of MSMEs. This is because MSMEs can use digital banking transactions to expand their markets and increase sales.
By using digital banking transactions, MSMEs can reach a wider range of consumers, not only in the areas where they operate. In addition, MSMEs can also improve their operational efficiency, as they no longer need to provide cash for transactions.
Creating New Jobs
The growth of digital banking transactions can also create new jobs. This is because the banking and fintech industries need competent workers to support their growth.
In addition, the growth of digital banking transactions can also drive the growth of other business sectors, such as the transportation and logistics sectors. This is because these sectors are needed to support digital banking transaction activities.
Although it has many benefits, digital banking transactions also have some challenges. One of the challenges is the security of customer data.
Bank Indonesia and the banking industry are continuously working to improve the security of customer data, including by implementing strict security standards and educating customers.
In addition, another challenge faced by digital banking transactions is the digital literacy of the public. The public needs to improve their digital literacy so that they can use digital banking transactions safely and effectively.
The growth of digital banking transactions in Indonesia is a positive development. This shows that Indonesians are becoming increasingly accustomed to digital transactions.
With this rapid growth, BI projects that the value of digital banking transactions in Indonesia will continue to increase in the years to come.
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