The Number of Credit Cards in Circulation Decreased During the Covid-19 Pandemic

The number of credit cards in circulation in Indonesia significantly decreased during the COVID-19 pandemic. This decline occurred from May 2020 to the present.

Bank Indonesia (BI) recorded 17.5 million credit cards in circulation in May 2020, a 1.76% decrease compared to the previous month's 17.8 million. The number of credit cards continued to fall, reaching 16.7 million units by April 2021.

In addition to the number in circulation, the volume and value of credit card transactions also decreased during the pandemic. Although there was a slight increase in March 2021, the volume and value of credit card transactions remained significantly lower than before the pandemic.

This decrease is due to many people switching to electronic money during the pandemic. By April 2021, 483.4 million units of electronic money were in circulation, a 17.3% increase from 412.1 million units in the same month of the previous year.

The volume of electronic money transactions increased by 29.8% to 421.6 million transactions in April 2021. Meanwhile, the value of electronic money transactions increased by 30.2% to Rp 22.8 trillion in the same month.

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