04 Jul

Indonesia’s Central Bank updates their Regulation to Boost E-payment Industry.

by Veritrans Indonesia

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Good morning everyone! It’s July already. Here’s a summary of a short yet interesting article that I came across this morning. Bank Indonesia revises their regulation to support e-payment industry, which is indeed good for all of us who engaged in e-payment industry. Yay!

As per 16th June, it is updated that the daily transaction value of epayment services in Indonesia is around IDR 8.7 billion (US$736,000) to IDR 7.7 billion ($652,000). Epayment industries are growing as ecommerce grows in Indonesia. The growth of epayment has caused the Bank of Indonesia revise its regulations governing the nation’s epayment services. The central bank recently reported that there are an average of 420,000 daily transactions with total value of IDR 7.7 billion (US$652,000) using epayment tools.

There are currently 17 online payment companies available in Indonesia. Some of the important revisions inside the regulations is reported by Indotelko. Since then, it is not allowed for epayment players to strike exclusive partnerships with ecommerce companies, which means that any ecommerce companies can cooperate with multiple epayment tools simultaneously.

Another revision deals is regarding the minimum balance that customers need to keep inside an epayment service when withdrawing their money. That minimum balance is no longer available and thus, shoppers could withdraw their money until zero. Epayment and emoney services in Indonesia are now allowed to charge shoppers extra for things such as card printing, administration, top-up fees, and fees when withdrawing money from the banks.

These new regulations encourage epayment companies to allow online top-up between competing services. That online top-up service has been implemented by three firms, they are Telkomsel’s T-Cash, Indosat’s Dompetku, and XL Axiata’s XL Tunai. This regulatory revision also clear up some details for epayment players, such as definitions, legal permissions, and responsibilities.