VOINews, Jakarta: Bank Indonesia (BI) Governor Perry Warjiyo has announced plans to accelerate the digitalization of the payment system by 2025. This initiative aligns with the Indonesian Payment System Blueprint 2025-2030, launched on August 1, 2024.
"In the digital payment system, we will continue accelerating efforts in 2025, guided by five key initiatives: infrastructure development, industry consolidation, innovation, internalization, and digital rupiah implementation, under the motto ‘One Homeland, One Nation, One Language,’” Perry said at the 2024 Bank Indonesia Annual Meeting (PTBI) in Jakarta, Saturday.
The first initiative focuses on developing BI-FAST infrastructure to connect with the fast payment industry and modernizing BI-RTGS (Real-Time Gross Settlement) systems to support multi-currency and national standards. Additionally, BI aims to enhance payment transaction data centers with tools like Payment ID and BI-Payment Info.
The second effort involves consolidating the payment system industry. This includes categorizing Payment System Providers (PSPs) into primary and non-primary classifications based on transaction capabilities, interconnectivity, competency, risk management, and infrastructure.
The third initiative highlights innovation in expanding QRIS (Quick Response Code Indonesian Standard) usage. BI targets 58 million users and 40 million merchants by 2025. To support these efforts, BI will collaborate with the Indonesian Payment System Association (ASPI) to establish the Bank Indonesia Digital Innovation Center (BIDIC).
Furthermore, BI plans to extend QRIS collaboration to international markets, targeting countries in Asia and the Middle East, such as Japan, South Korea, and the United Arab Emirates, alongside other nations.
The fourth initiative involves continued experimentation with digital rupiah, which is set to become Indonesia's sole legal tender in digital transactions. BI views this as a critical step toward maintaining monetary sovereignty in a digital economy.
Lastly, BI will enhance the electronification of regional government financial transactions. This includes integrating systems for disbursing social assistance and utilizing Indonesia's Government Credit Card (KKI) for public sector transactions.
These comprehensive measures are part of BI’s broader vision to modernize Indonesia’s payment systems, foster innovation, and promote financial inclusion, ensuring readiness for the nation’s digital economy./ANTARA/VOI
