OVERVIEW

The continuous and rapid technology development over the last couple of decades has led to a digital era where electronic systems dominate of daily activities, both commercial and social. The trend for monetary transactions has shifted from conventional methods using banknotes or physical money, to e-commerce where physical money is less and less used as a payment method, in other words a movement towards “cashless transactions”.

Responding to these developments, Bank Indonesia (BI) officially launched its Cashless Society Movement (Gerakan Nasional Non-Tunai – “GNTT”) in August this year with the signing of a memorandum of understanding with the Coordinating Minister of Economic Affairs, Minister of Finance, regional governments and Indonesian Provinces Governments Association.