In his opening remarks, BI Governor Perry Warjiyo said BI-FAST was part of the 2025 Indonesia  Payment System Blueprint (BSPI). Bank Indonesia and its working partners, including The Indonesia Payment Systems Association (ASPI) hope BI-FAST can accelerate Indonesia's economic recovery.

BI-FAST, he further explained, was a national initiative to build a public retail payment system that is more efficient in handling monetary transactions in a quick, easy, affordable, safe and reliable way.

Perry also hopes that BI-FAST will spur the consolidation of the national payment system industry and forge an integrated, interoperable and interconnected economic system. He also believes that the payment system would help nurture budding unicorn companies across Indonesia.

“I pray that BI-FAST will accelerate the digitalization of the national economy and create an end-to-end integrated environment for the payment system industry, digital banking, fintech, e-commerce, consumers and our financial-economic recovery,” Perry said.

ASPI general chairman Santoso Liem revealed that BI and ASPI had begun preparing for BI-FAST in February in a regulatory and industry partnership. ASPI, he continued, had since shown its full support and commitment to BI-FAST’s launch as a self-regulatory organization (SRO) throughout the pandemic.

BI-FAST's introduction, he said, was a significant milestone in the modernization of national payment services due to its proxy payment feature, a hallmark of payment services in developed countries. Santoso also saw BI-FAST as a potential game-changer in facilitating further developments in digital transactions, including cross-border settlements.

True to its name, BI-FAST is a fast payment system that provides complete digital transaction services. BI-FAST uses customers’ phone numbers to complete transactions as an alternative to account numbers. BI-FAST claims to have an advanced technology platform, strict security system and affordable pricing schemes. Maximum charges from participant to customers Rp 2,500 (18 US cents) and charges from operator to participants Rp 19 per transaction.

BI-FAST’s debut will pave the way for future innovations by the banking industry in consumer-centric services, joining other payment system services such as QRIS and SNAP. There is hope that it will advance financial inclusion and economic recovery through transaction efficiency.

BI-FAST has included 21 banks in its initial run. Each bank will implement BI-FAST in stages, beginning with the preparation of payment channels for their respective customers.

BI-FAST goes live in December, starting with individual credit transfer services before expanding to bulk credit, direct debit and request-for-payment.

Popular

Reform era draws to a close

Essay competition: ‘Rethinking work: Driving sustainable growth in the digital age’

Local films outshine foreign ones in home market