Indonesia's E-commerce Transactions Projected to Reach Rp 403 Trillion in 2021

According to the Bank Indonesia 2021 Annual Meeting report, Indonesian e-commerce transactions were projected to reach Rp 403 trillion in 2021. This figure represents a 51.6% increase from the previous year's Rp 266 trillion.

Bank Indonesia also projected that Indonesian e-commerce transactions would continue to rise in 2022, reaching Rp 530 trillion, a 31.4% year-on-year (yoy) growth.

In line with the growth of e-commerce transactions, digital banking payment transactions in 2021 were projected at Rp 40 quadrillion, a 46.1% yoy increase. This increase in digital banking transactions is also expected to continue rising to Rp 48.6 quadrillion, or a 21.8% yoy growth, in 2022.

Similarly, the use of electronic money in 2021 was projected to grow by 41.2% (yoy) and is expected to further grow by 16.3% (yoy) to reach Rp 337 trillion in 2022.

The rapid development of digital economic and financial transactions is in line with the increasing public acceptance and preference for online shopping, the expansion of the e-commerce ecosystem, and the development of digital payment services.

(Read More: Alibaba's 11.11 Shopping Festival Sets a Transaction Record of Rp 1,206 Trillion)