Jakarta (ANTARA) – Bank Indonesia (BI) reported that transactions processed through the BI-FAST service have surpassed Rp25 quadrillion (around US$1.5 trillion) in value and 9.61 billion in volume from its launch in December 2021 to September 2025.BI-FAST is a real-time interbank transfer system with a fee of Rp2,500 (US$0.15) per transaction.BI Deputy Governor Filianingsih Hendarta said the achievement reflects the rapid growth of digital payments since the implementation of the Indonesian Payment System Blueprint (BSPI) 2025.”In the past six years, Indonesia’s payment system has evolved through various strategic initiatives. Now, we have QRIS, BI-FAST, SNAP, and the electronification of government and transportation transactions,” she said on Tuesday.She noted that interconnection among payment system players continues to strengthen, as shown by the growing share of transactions using the National Standard for Open API Payments (SNAP).”The proportion of transactions using SNAP reached 93 percent in volume and 83 percent in value,” Hendarta said.She highlighted QRIS performance, which recorded 10.33 billion transactions as of September 2025, with 58 million users and 41 million merchants nationwide.QRIS, or Quick Response Code Indonesian Standard, enables users to make digital payments by scanning a single QR code.”More than 90 percent of QRIS merchants are micro, small, and medium enterprises (MSMEs). This also supports the financial inclusion ratio, which has reached 75.02 percent,” she added.BI continues to expand QRIS for cross-border transactions. It is now linked with Malaysia, Thailand, and Singapore and recently integrated with Japan’s JPQR system for outbound transactions.By year-end, BI targets QRIS connectivity with China for two-way use.”Hopefully, we can also use it in South Korea next year. This milestone underscores Indonesia’s role as a pioneer in cross-border payment integration,” Hendarta remarked.BI projects the volume of digital financial transactions to reach 147.3 billion by 2030, four times higher than in 2024.”We are preparing BSPI to anticipate the surge in transactions and strengthen risk management to prevent fraud and cyber risks,” she said.She also warned of rising digital crime, noting that fraud and cyberattacks are becoming more complex.Hendarta urged industry players to enhance fraud detection, tighten authentication, and apply “know your merchant” and “know your customer” principles.She emphasized that improving digital literacy and consumer protection requires collaboration among regulators, the industry, and users.
Bank Indonesia records US$1.5 trillion in BI-FAST transfers
