Rapid advances in technology have mandated that Bank Indonesia (BI) issue a raft of regulations to ensure that the regulatory framework stays on par with the applicable technology. To this end, BI has issued a regulation on e-Money (see ILB No. 1071 16/4/2009) and has also issued Regulation No. 11/11/PBI/2009 on provisions relating to the payments using cards. Regulation No. 11/11/PBI/2009 repeals and replaces Regulation No. 7/52/PBI/2008 as amended by Regulation No. 10/8/PBI/2008.
The primary cards subject to the provisions of this regulation are credit cards, automated telling machines (ATMs), and debit cards.
Interestingly, there is some overlap between the two regulations as they relate to cards and e-Money. Nevertheless, there are three issues that must be noted in this regulation:
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The obligation of the Principal, Issuer, Acquirer, Clearer, and Executor to deliver better services to the Bearer;
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The supervision of BI over the implementation and performance of the regulation, and;
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The security of the Bearer.
In terms of rendering efficient services to the Bearer, the Principal, Issuer, Acquirer, Clearer, and Executor are strictly required to improve their system so a synchronized system is available not only to them but also to other Principals, Issuers, Acquirers, Clearers, and Executors. By achieving this, the implementation of the payment by means of card would be applicable nation-wide. Furthermore, each of the participants noted above are required to report details of their activities prior to their engagement.
In connection to the Bearer, no significant changes have been made by the regulation. However there is one particular provision which was altered as an adjustment to the recent Law on Information and Electronic Transactions. This provision deals with the Self-Regulation Organization. This organization is to be established between the Principal, Issuer, Acquirer, Clearer, and Executor with approval from BI. This organization may determine certain technical rules applicable for the Bearer. Nonetheless, any technical rules developed must be consistent with prevailing BI rules.
Similar to the regulation on e-Money, the regulation lacks clarity in certain provisions. This is because the regulation provides for additional regulatory issues to be contained in yet-to-be issued subsidiary regulations.
The regulation applies retroactively to the Issuer, Principal, Acquirer, Clearer, and Executor.
The regulation has been in force since 13 April 2009.
Rapid advances in technology have mandated that Bank Indonesia (BI) issue a raft of regulations to ensure that the regulatory framework stays on par with the applicable technology. To this end, BI has issued a regulation on e-Money (see ILB No. 1071 16/4/2009) and has also issued Regulation No. 11/11/PBI/2009 on provisions relating to the payments using cards. Regulation No. 11/11/PBI/2009 repeals and replaces Regulation No. 7/52/PBI/2008 as amended by Regulation No. 10/8/PBI/2008.
The primary cards subject to the provisions of this regulation are credit cards, automated telling machines (ATMs), and debit cards.
Interestingly, there is some overlap between the two regulations as they relate to cards and e-Money. Nevertheless, there are three issues that must be noted in this regulation:
-
The obligation of the Principal, Issuer, Acquirer, Clearer, and Executor to deliver better services to the Bearer;
-
The supervision of BI over the implementation and performance of the regulation, and;
-
The security of the Bearer.
In terms of rendering efficient services to the Bearer, the Principal, Issuer, Acquirer, Clearer, and Executor are strictly required to improve their system so a synchronized system is available not only to them but also to other Principals, Issuers, Acquirers, Clearers, and Executors. By achieving this, the implementation of the payment by means of card would be applicable nation-wide. Furthermore, each of the participants noted above are required to report details of their activities prior to their engagement.
In connection to the Bearer, no significant changes have been made by the regulation. However there is one particular provision which was altered as an adjustment to the recent Law on Information and Electronic Transactions. This provision deals with the Self-Regulation Organization. This organization is to be established between the Principal, Issuer, Acquirer, Clearer, and Executor with approval from BI. This organization may determine certain technical rules applicable for the Bearer. Nonetheless, any technical rules developed must be consistent with prevailing BI rules.
Similar to the regulation on e-Money, the regulation lacks clarity in certain provisions. This is because the regulation provides for additional regulatory issues to be contained in yet-to-be issued subsidiary regulations.
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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