Non-cash Transactions Rise 400% since e-Toll Mandate: BI

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  • e-toll cards.

    e-toll cards.

    TEMPO.CO, Jakarta - Bank Indonesia [BI] has recorded a significant increase in non-cash transactions value since December 2017. The hike occurred soon after the government mandates the use of electronic money for toll road payments.

    "After we force the non-cash, it increased significantly—our latest records showed a 400-percent jump," BI's head of Payment System Policy Department Onny Wijanarko said here on Monday, April 23. 

    Read: BI Agrees on Limiting Cash Transaction

    Onny said that since December last year the value of non-cash transactions rose from Rp63.1bn per day to Rp112.6bn per day.

    Other contributing factors to the increase, he added, included the people's lifestyle and behavior that were shifting more towards digitalization, and the growth of ATM cards. 

    Read: BI Develops Smartphone Application to Detect Counterfeit Money

    He said that delivery channel transactions via mobile phones or online gadgets grew from 16.5% in January 2017 to 26.5%.

    "Phone banking rose 80% despite a market share of just 0.3%. Internet banking grew 25.3% with a market share of 90%, while SMS banking increased 38.5%," Onny said.