- Bank Indonesia (“BI”) has decided to increase the balance limit that can be stored in registered electronic money ("e-Money") from Rp. 10 million to Rp. 20 million, effective from 1 July 2022. In addition, the monthly transaction value limit for registered e-Money has also been increased from Rp. 20 million per month to Rp. 40 million per month.
- According to BI’s Deputy Governor, Juda Agung, the increase in the balance limit will hopefully align the public need for e-commerce and travel with an increase in high-value transactions. Moreover, Mr. Agung affirmed that digital economic and financial transactions have undergone rapid development in line with the increasing acceptance of and preference for online shopping demonstrated by the general public and the expansion and convenience of digital payment systems, as well as the acceleration of digital banking.
- Mr. Agung went on to state that the change in the maximum balance and transaction limit was also in line with the Quick Code Response Indonesian Standard (QRIS) policy that is currently being implemented. Furthermore, BI will continue to encourage payment system innovations, including support for government programs and the acceleration of the national economic recovery, as well as encouraging acceleration towards an inclusive and efficient digital economy and finance through a non-cash payment system policy.
- In addition, BI will also continue with efforts to expand BI-FAST services through mobile banking and will work to improve communications with the public and related institutions. Synergy with the government will also continue to be implemented in order to encourage the accelerated digitalization of payments through the electronification of social assistance, regional government transactions and transportation-related matters. (ANT)
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