E-money Spending Transactions Reach Rp38 Trillion in August 2023

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Adi Ahdiat 26/10/2023 14:40 WIB

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Based on BI data, throughout August 2023, the value of transactions for purchases using electronic money or e-money in Indonesia reached Rp38 trillion, a 1.9% increase compared to the same period last

Value of E-money Transactions in Indonesia per Month (August 2018-August 2023)

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Value of E-money Transactions in Indonesia per Month (August 2018-August 2023)

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Based on data from Bank Indonesia (BI), national transactions using electronic money or e-money reached Rp38.5 trillion in August 2023.

On a month-on-month basis, the nominal value decreased by 1.8%. However, compared to a year ago (year-on-year), it grew by 1.9%.

Compared to August 2018, the value of e-money transactions in August 2023 had increased by more than 880%.

This indicates a significant strengthening trend in the use of electronic money among Indonesian consumers over the past five years.

However, despite the increase in transaction value, the number of e-money units has decreased.

BI recorded approximately 777.3 million e-money cards or instruments in Indonesia in August 2023, compared to 892.6 million units in August 2022.

This means that in the last year, the number of e-money cards or instruments has decreased by approximately 115.3 million units, or 13% year-on-year.

According to BI Regulation No. 11/12/PBI/2009, electronic money or e-money refers to any payment instrument that fulfills the following elements:

1. Issued based on the value of money deposited in advance by the holder to the issuer;
2. The value of money is stored electronically in a medium such as a server or chip;
3. Used as a means of payment to merchants who are not the issuer of the electronic money; and
4. The value of electronic money deposited by the holder and managed by the issuer is not a deposit as defined in the law governing banking.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."