Since its launch in late 2021, BI Fast, Bank Indonesia's fast payment service, has grown increasingly popular among users due to its low transfer fees. With a charge of only Rp 2,500 per interbank transfer, BI Fast offers a cost-effective alternative to traditional banking methods, attracting widespread adoption.

Initially, concerns arose about the impact of reduced fees on bank revenues. However, the service's growing transaction volume has turned the tide. During the first ten months of 2024 alone, BI Fast processed 2.7 billion transactions worth Rp 7,114 trillion, offsetting the lower fees per transaction with sheer scale.

Timothy Utama, Bank Mandiri's Director of Technology, highlighted this dynamic, noting, “While income per transaction has decreased, the rising volume compensates for it. Over the past three years, BI Fast transactions on Livin by Mandiri have grown by about 25% annually.”

This volume growth has not only stabilized revenues but also led to higher fee-based income. Timothy confirmed, “Our fee-based income from BI Fast is now higher than before the service launched.”

Thomas Wahyudi, SEVP of Digital Business at BTN, shared a similar perspective. BTN has seen a 50% year-on-year increase in BI Fast transaction volumes through November 2024, reaching over 3.6 million transactions monthly. This growth translates to a monthly revenue of approximately Rp 8.93 billion from BI Fast services. Thomas attributed this to targeted strategies, such as cashback programs that incentivize users.

The affordability of BI Fast has been pivotal in its success, though banks have had to invest heavily in infrastructure to support the service. Thomas noted, “The current fee structure is reasonable, considering the necessary investments in systems and technology to ensure reliability.”

Despite its success, challenges remain. Budiman Tanjung, Chief of Network & Digital Banking at CIMB Niaga, predicted slower growth in BI Fast usage as the market matures. However, he projected a 30% increase in transactions for CIMB Niaga next year, albeit at a slower pace than in 2024.

The continued improvements to BI Fast, guided by feedback from the banking industry, have further solidified its reputation as a reliable and efficient service. Its ability to drive revenue through massive transaction volumes demonstrates how innovation in payment systems can reshape the financial landscape.

KONTAN