Bank Indonesia unveils latest digital payment system

In Indonesia, digital payments have gained a lot of popularity. Over half of the country’s population now uses it. At the national level, the country has become a leader in the adoption of digital payments.

According to a recent survey, Indonesia’s e-commerce business is expected to increase by 50% year over year by 2020, with a market value of US$35 billion.

Now, Indonesia’s central bank, Bank Indonesia (BI), announced the introduction of BI-FAST, the country’s first real-time payments infrastructure.

ACI Worldwide, a major global provider of real-time payments and digital payment solutions, is in charge of the infrastructure.

BI-FAST facilitates public retail payment services and is a key component of IPS 2025. This intends to modernize the country’s payment infrastructure, integrate the digital economy and finance sector, and answer to public demand for a quick, simple, secure, economical, and dependable payment system.