Electronic Money Transactions Show an Upward Trend Since the COVID-19 Pandemic

Bank Indonesia (BI) recorded a 0.91% increase in electronic money (e-money) transaction value to Rp132.4 trillion in November 2022 compared to the previous month.

This figure is the highest since the start of the Covid-19 pandemic in early 2020.

Compared to November 2021, the transaction value surged by 82.55% (year-on-year/yoy). Similarly, the cumulative value from January to November of last year grew by 46.44% to Rp1.03 quadrillion.

The largest electronic money transactions were for reload (top-up), and the smallest were for redeem. The following are the electronic money transaction values in November 2022:

* Reload/Top Up: Rp70,292.85 billion
* Shopping: Rp35,475.96 billion
* Inter-e-money Transfers: Rp21,412.16 billion
* e-Money Cash Withdrawals: Rp2,990.61 billion
* Initial (first-time load): Rp1,229.87 billion
* Redeem: Rp1,005.77 billion
* Total: Rp132,407.21 billion

For information, the value of electronic money transactions for shopping in November 2022 decreased by 3.2% compared to the previous month. However, compared to November 2021, the transaction value increased by 13.35% (yoy).

In November 2022, peer-to-peer e-money transfer transactions grew by 3.7% to Rp21.41 trillion from the previous month. Similarly, compared to November 2021, it surged by 343.57% (yoy).