Electronic Money in Circulation Reaches 772 Million Units in November 2022

The rise of online marketplaces and the proliferation of digital payments have fueled the increased use of electronic money (e-money) in Indonesia.

According to Bank Indonesia (BI) data, 772.57 million units of electronic money were in circulation as of November 2022. This represents a 34.28% increase from the end of 2021.

Based on data from the Central Bureau of Statistics (BPS), Indonesia's population reached 275.77 million in June 2022. This means that, on average, each Indonesian possessed 2.8 units of electronic money last year.

The number of electronic money units in circulation has shown an upward trend since 2010, as seen in the graph. In 2010, only 7.9 million units were in circulation. This number has surged by over 9,000% by November 2022.

Based on their storage medium, electronic money is divided into two categories: first, chip-based e-money, totaling 89.09 million units; and second, server-based e-money, totaling 683.47 million units.

Of these, 188.9 million units are registered, while 583.66 million units are unregistered.

The value of electronic money transactions from January to November 2022 reached Rp 1.03 quadrillion. This represents a 46.44% increase compared to the same period the previous year.

The following details the breakdown of electronic money transactions for the January-November 2022 period:

* Reload/Top Up: Rp 455,904.20 billion
* Spending: Rp 369,915.07 billion
* Inter-e-money Transfers: Rp 153,366.61 billion
* Cash Withdrawals: Rp 39,640.49 billion
* Redemption: Rp 8,600.17 billion
* Initial Loading: Rp 7,404.11 billion
* Total: Rp 1,034,830.65 billion

Currently, there are 73 entities issuing electronic money. 21 of these are commercial banks, and 52 are non-bank institutions (LSB).