Non-cash Transaction Rate Still Low

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    TEMPO/Amston Probel

    TEMPO.CO, Jakarta - The use of electronic transactions in Indonesia is still relatively lower compared to other ASEAN countries. Bank Indonesia (BI) Governor Agus Martowardojo said in Jakarta yesterday that the amount of cash circulation in Indonesia reached Rp440 trillion, expected to increase to Rp550 trillion by the end of the year.

    "Non-cash transactions only accounted for some 31 percent of the total amount of money in circulation. Whereas in other ASEAN countries, the average rate is more than 50 percent," he said.

    Therefore, BI—as major players in the provision of payment services—needs to have the same vision with other banks, committing to encourage the use of non-cash transactions "to achieve a cashless society," said Agus.

    Non-cash transactions, Agus said, have a number of advantages. In addition to secure and comfortable, non-cash transactions can also increase the amount of savings to finance the Indonesian economy.

    Coordinating Minister for Economic Affairs Chairul Tanjung said that a high rate of non-cash transactions is prerequisite for Indonesia to become a developed country. Therefore, access to financial institutions, both banks and non-banks, should be improved. "Currently, access to financial institutions only reaches 20 percent," he said.

    Chairul instructed all government projects to utilize non-cash transactions. "We have asked ministries to immediately implement it."