Digital Transactions Surge, Electronic Money Reaches 594 Million Units in February 2022

The burgeoning digital transactions in Indonesia have driven a surge in the number of electronic money (e-money) accounts. A shift in consumer spending habits from offline (face-to-face) transactions to online shopping via marketplaces has resulted in the number of e-money accounts reaching 500 million units.

Furthermore, the government's continuous promotion of digital payments, including for transportation and tourism, has also fueled the growth of e-money in Indonesia.

According to Bank Indonesia (BI) data, the number of e-money accounts in circulation reached 594.17 million units in February 2022. This comprises 512.98 million units (86.34%) of server-based e-money and 81.19 million units (13.67%) of chip-based or card-based e-money.

The number of e-money accounts grew by 3.28% year-to-date (YTD) compared to the end of last year. It also grew by 30.49% year-on-year (YOY) compared to February 2021.

Registered e-money cards totaled only 99.2 million units (16.7%), while 484.92 million units (83.3%) were unregistered. Only 23.18 million units were registered within digital financial services (DFS).

Meanwhile, the volume of e-money transactions in 2021 reached 8.26 billion transactions. This figure decreased by 45.07% compared to the previous year. However, the transaction value reached Rp786.35 trillion, a 55.73% increase from Rp504.96 trillion in the previous year.