Indonesia's Digital Banking Transactions Grow 158% in the Last Five Years

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Adi Ahdiat 05/07/2023 12:40 WIB

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Based on BI data, throughout April 2023, the value of digital banking transactions in Indonesia reached Rp4,264.8 trillion, a 158% increase compared to April 2018.

Value of Digital Banking Transactions in Indonesia per Month (January 2018-April 2023)

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Value of Digital Banking Transactions in Indonesia per Month (January 2018-April 2023)

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Based on data from Bank Indonesia (BI), throughout April 2023, the value of digital banking transactions within the country reached Rp4,264.8 trillion, or almost Rp4.3 quadrillion.

This value encompasses various digital banking or digital banking transactions according to the classification of the Financial Services Authority (OJK), namely internet banking, SMS/mobile banking, and phone banking.

Referring to the Financial Services Authority Regulation Number 12/POJK.03/2018, digital banking services are banking services through electronic media developed by optimizing the utilization of customer data.

In April 2023, the value of digital banking transactions in Indonesia decreased by 11.8% compared to March 2023 (month-on-month/mom), and was lower by 20.1% compared to April 2022 (year-on-year/yoy).

However, if traced back five years, in April 2023 the value of national digital banking transactions had grown by 158% compared to April 2018.

This indicates that, although monthly fluctuations often occur, in the long term the trend of digital banking service usage in Indonesia tends to strengthen, as seen in the graph above.

"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 (June 22, 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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Indonesia's Digital Banking Transactions Grow 158% in the Last Five Years

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