Wednesday, 19 February 2020

Bank Mandiri Foresees 50 Percent Growth of E-Money by Year End

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  • TEMPO.CO, Jakarta - State-owned lender Bank Mandiri foresees over 50 percent growth of the electronic money (e-money) cards issued by them in 2017.

    “The number of Bank Mandiri e-money cards in circulation as of August 2017 is over 10 million,” Bank Mandiri Senior Vice President for Transaction Banking Retail Sales Thomas Wahyudi told Tempo on September 20.

    He explains that as of August, e-money card payments have reached Rp3.4 trillion with the frequency of card usage of over 300 million times.

    Data from Bank Indonesia shows that the biggest surge in e-money chip issuance took place in June and July totaling 5,750,215 chips issued by 25 e-money card issuers.

    Thomas expects the growth following as the government launched the 100 percent electronic toll collection that may increase e-money card issuance.

    An official data released by Bank Indonesia on its website indicates that e-money chip circulation soared in June and July 2017, the highest compared to the previous months this year.

    The website reports that the months of June and July saw the highest surge of e-money chip sales at 5,750,215.

    Between May and June, some 3,576,895 e-money chips were issued, representing a significant increase compared to January and February with 1,249,953 chips.

    The surge in chip issuance is also followed by an increase in e-money payments. E-money payments for June reached Rp1.02 trillion with payment frequency of 51,969,836 times. The figure was higher compared to May that saw Rp0.879 trillion in e-money payments and 60,620,306 transactions.

    E-money payments in July hit Rp1.14 trillion with 68,685,872 transactions. The figure is expected to rise in August and October taking into account the policy of state-owned Jasa Marga on mandatory electronic toll collection.

    The above figures are the total chips issued by 25 issuers approved by Bank Indonesia. E-money chip issuers comprise of 11 banks - including Bank Mandiri, 6 cellular network providers and other companies.