Bank Indonesia (BI) reported that digital payment transactions through the Quick Response Code Indonesian Standard (QRIS) experienced exponential growth in 2024. QRIS transactions rose by 175.2% year-on-year (YoY), driven by an increase in users and merchants adopting the system.

“This remarkable growth in digital payment transactions was bolstered by a 175.2% YoY increase in QRIS transactions,” BI Governor Perry Warjiyo stated during the January 2025 Board of Governors Meeting in Jakarta on Wednesday.

In total, 34.5 billion digital payment transactions were recorded in 2024, reflecting a 36.1% YoY growth. Mobile application transactions grew by 39.1% YoY, while internet-based transactions increased by 4.4% YoY, showcasing the robust expansion of Indonesia’s digital payment infrastructure.

BI projects further growth in digital payments, estimating a 52.3% YoY increase in 2025. Infrastructure developments also played a key role. Transactions processed through BI-FAST (Fast Payment) reached 3.4 billion, growing 62.4% YoY, with a value of IDR 8.9 trillion. Large-value transactions via BI-RTGS (Real Time Gross Settlement) rose by 3.1% YoY to 10.3 million transactions, totaling IDR 126.3 thousand trillion, a 17.6% YoY growth.

Governor Perry noted that Indonesia's payment systems remained stable and reliable, supported by a healthy industry structure and robust infrastructure. The interconnection among payment system players continued to strengthen, while the digital financial ecosystem expanded significantly.

"The stability of the payment system is maintained through seamless operations of the Bank Indonesia Payment System (SPBI) and an adequate supply of quality currency across the country," Perry explained.

Additionally, the use of the National Standard Open API Payment (SNAP) expanded as more payment system providers, including banks and non-banks, adopted the platform. This reflects the increasing interconnectivity and adoption of digital financial services nationwide.

In the area of currency management, the total amount of cash in circulation reached IDR 1,204.5 trillion by the end of 2024, growing by 9.3% YoY. This figure is projected to grow at a slower pace of 5.7% YoY in 2025. Perry emphasized BI's commitment to ensuring sufficient currency supply, even in remote areas across the archipelago.

SOURCE: ANTARA