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Indonesia Payment System Blueprint 2025: Strengthening Digital Financial Infrastructure

Jakarta, Indonesia - Bank Indonesia has launched the Indonesian Payment System Blueprint 2025 (BSPI 2025) to strengthen the digital financial infrastructure and promote financial inclusion. The blueprint aims to support the integration of the national digital economy and finance, ensuring the central bank’s function in currency circulation, monetary policy, and financial system stability.

Key Objectives

The BSPI 2025 has outlined several key objectives to achieve its vision:

  • Strengthening Supervision: Strengthen supervision and assessment of payment system operators through reclassification and access policy mechanisms based on activities, licensing by category of permit (bundling), and minimum capital deposit requirements.
  • Enhancing Testing Function: Enhance the testing function for payment system technology innovation to ensure interoperability and security.
  • Integrated Payment System Data: Manage integrated payment system data and/or information to promote transparency and consumer protection.
  • Institutional Aspects: Strengthen institutional aspects in terms of ownership and control to prevent shadow banking.

Digital Payment System Development

The BSPI 2025 has also identified key trends in digital payment systems, including:

  • The growth of e-money transactions, which have reached IDR 24.97 trillion as of October 2023.
  • The popularity of the QRIS payment system, with a value transaction reaching IDR 24.97 trillion and growing by 186.08% year-on-year.

Fintech Ecosystem

The fintech ecosystem in Indonesia is thriving, offering various services such as:

  • Digital payment systems
  • Insurance
  • Lending
  • Investment

The fintech industry has evolved significantly, enabling individuals and micro, small, and medium-sized enterprises (MSMEs) to access financial services according to their needs.

Key Takeaways

The BSPI 2025 highlights the importance of a robust regulatory framework and infrastructures to ensure:

  • Safety in digital payment systems
  • Interoperability among different payment systems
  • Consumer protection in digital payment systems
  • Responsible innovation in fintech services

Fintech has also played a crucial role in promoting financial inclusion, particularly through earned wage access innovations. The fintech ecosystem has created a supportive and inclusive digital space for SME businesses.

Conclusion

The BSPI 2025 is a significant step towards strengthening Indonesia’s digital financial infrastructure and promoting financial inclusion. The blueprint’s objectives are aimed at ensuring the country’s financial system stability, consumer protection, and innovation in fintech services.