Bank Indonesia has reported a significant surge in transactions made through the Quick Response Code Indonesian Standard (QRIS), with a 207.44% increase recorded in July 2024. In contrast, the usage of ATM cards has seen a decline.  

"QRIS transactions have grown rapidly, with the number of users reaching 51.43 million and the number of merchants at 33.21 million," said Perry in a press conference following the August 2024 BI Monthly Board of Governors Meeting on Wednesday, August 21. 

QRIS transactions have tripled compared to July 2023, while payments made using ATM or debit cards have decreased by 9.57%, totaling 584.95 million transactions. 

On the other hand, credit card transactions grew by 15.35% year-on-year in July 2024, reaching 39.83 million transactions. Meanwhile, the circulation of rupiah currency, or Currency in Circulation (UYD), increased by 9.45% year-on-year to IDR 1,041.02 trillion. 

Perry also revealed that overall digital and electronic money transactions increased in July 2024.  

"Digital banking transactions recorded 1.845 billion transactions, growing by 30.50% year-on-year. Meanwhile, electronic money transactions grew by 22.61% year-on-year, reaching 1.272 billion transactions," Perry stated. 

Bank Indonesia also noted a 15.36% year-on-year increase in BI-RTGS transactions, reaching IDR 15,450 trillion. BI-RTGS is a system used for instant electronic fund transfers on an individual transaction basis. 

In the retail sector, Bank Indonesia also reported an increase in transactions using the BI-FAST service as of July 2024. The volume of BI-FAST transactions grew by 65.08% year-on-year, reaching 301.41 million transactions. 

Original article here

This article is published in partnership with Katadata