The rapid development of information and technology has given birth to Electronic Money or e-Money. Considering, the danger this means of payment may cause, Bank Indonesia (BI) issued Regulation No. 11/12/PBI/2009 on E-Money. The basic premise of the regulation is to ensure that there is no legal vacuum that may be exploited by those intent on doing so. Therefore, the regulation not only seeks to protect the bearers but also boost public confidence in this new kind of money while simultaneously endeavoring to control banks and other non-bank institutions that will form an integral part of the e-money system.
e-Money is defined as a means of payment that fulfills the following elements:
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The value of the e-Money is equivalent to the amount of money deposited to the Issuer by the Bearer;
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The value of the e-Money is stored on a server or a chip;
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The e-Money is paid to a Merchant who is not an Issuer;
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The value of the e-Money has different purpose with savings under the definition explained by existing banking regulations.
In addition to the Issuer, Bearer, and Merchant, there are other subjects that need to be noted in order to fully understand the scope of the regulation, namely:
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The Principal – who is responsible for maintaining e-Money transactions;
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The Acquirer – who is responsible for cooperating with the Merchant in processing the e-Money;
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The Clearer – who is responsible for calculating how much money belongs to the Issuer and / or Acquirer within the e-Money transaction; and
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The Executor – who is responsible for determining which Issuer and / or Acquirer is entitled to the e-Money as calculated by the Clearer.
Each of the subjects above may be either a bank or a non-bank institution. To participate in the e-Money system the above subjects must first obtain approval from BI. Unfortunately, the regulation does not explicitly state what the approval procedure is, but merely states that this procedures is to be contained in some succeeding regulatory instrument.
Nevertheless, the regulation still plays an important role in terms of being a benchmark in governing matters related to E-Money.
The regulation specifically states that BI has the primary role in implementing the provisions. BI is to decide the limit of e-Money stored and its usage. Furthermore, BI also has supervisory rights over the implementation of the regulation. This includes requesting administrative, maintenance, and/or security reports for on-site visits. In the event that there is non-compliance, BI has the authority to impose sanctions such as temporary suspension, annulment and revocation are available.
The regulation applies retroactively to the Issuer, Principal, Acquirer, Clearer, and Executor.The regulation has been in force since 13 April 2009.
The rapid development of information and technology has given birth to Electronic Money or e-Money. Considering, the danger this means of payment may cause, Bank Indonesia (BI) issued Regulation No. 11/12/PBI/2009 on E-Money. The basic premise of the regulation is to ensure that there is no legal vacuum that may be exploited by those intent on doing so. Therefore, the regulation not only seeks to protect the bearers but also boost public confidence in this new kind of money while simultaneously endeavoring to control banks and other non-bank institutions that will form an integral part of the e-money system.
e-Money is defined as a means of payment that fulfills the following elements:
-
The value of the e-Money is equivalent to the amount of money deposited to the Issuer by the Bearer;
-
The value of the e-Money is stored on a server or a chip;
-
The e-Money is paid to a Merchant who is not an Issuer;
-
The value of the e-Money has different purpose with savings under the definition explained by existing banking regulations.
In addition to the Issuer, Bearer, and Merchant, there are other subjects that need to be noted in order to fully understand the scope of the regulation, namely:
-
The Principal – who is responsible for maintaining e-Money transactions;
-
The Acquirer – who is responsible for cooperating with the Merchant in processing the e-Money;
-
The Clearer – who is responsible for calculating how much money belongs to the Issuer and / or Acquirer within the e-Money transaction; and
-
The Executor – who is responsible for determining which Issuer and / or Acquirer is entitled to the e-Money as calculated by the Clearer.
Each of the subjects above may be either a bank or a non-bank institution. To participate in the e-Money system the above subjects must first obtain approval from BI. Unfortunately, the regulation does not explicitly state what the approval procedure is, but merely states that this procedures is to be contained in some succeeding regulatory instrument.
Nevertheless, the regulation still plays an important role in terms of being a benchmark in governing matters related to E-Money.
The regulation specifically states that BI has the primary role in implementing the provisions. BI is to decide the limit of e-Money stored and its usage. Furthermore, BI also has supervisory rights over the implementation of the regulation. This includes requesting administrative, maintenance, and/or security reports for on-site visits. In the event that there is non-compliance, BI has the authority to impose sanctions such as temporary suspension, annulment and revocation are available.
The regulation applies retroactively to the Issuer, Principal, Acquirer, Clearer, and Executor.The regulation has been in force since 13 April 2009.
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