Electronic Money Spending Soars 1,000% in the Last Five Years

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Adi Ahdiat 05/07/2023 13:40 WIB

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Based on BI data, throughout April 2023, the transaction value of purchases using electronic money or e-money in Indonesia reached Rp37.46 trillion, a 1,017% increase compared to April 2018.

Value of Transactions for Purchases Using Electronic Money/E-Money in Indonesia per Month (January 2018-April 2023)

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Value of Transactions for Purchases Using Electronic Money/E-Money in Indonesia per Month (January 2018-April 2023)

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Based on Bank Indonesia (BI) data, throughout April 2023, the value of electronic money or e-money transactions within the country reached Rp37.46 trillion.

This value increased by 1.4% compared to March 2023 (month-on-month/mom), and is 5.8% higher compared to April 2022 (year-on-year/yoy).

Looking back over the past five years, in April 2023, the value of e-money transactions also grew by 1,017% or nearly elevenfold compared to April 2018.

According to Bank Indonesia Regulation Number 11/12/PBI/2009, electronic money or e-money is a 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 referred to in the law governing banking.

BI recorded that in April 2023, there were 744.59 million units of e-money cards or instruments distributed throughout Indonesia. Of this amount, approximately 93.79 million units are chip-based and 650.8 million units are server-based.

Cumulatively, the number of e-money cards or instruments in Indonesia in April 2023 has grown by 109% (yoy) or increased by 123.81 million units compared to April of the previous year.

"Payment system transactions continue to rise with maintained system stability and increasingly improved digital payment services," said Erwin Haryono, Head of BI's Communication Department, in his press release on Thursday (22/6/2023).

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."

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Electronic Money Spending Soars 1,000% in the Last Five Years

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