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Economy in brief: BI to regulate e-commerce payments
JAKARTA: The central bank will soon release an official regulation to govern payment systems for e-commerce in an effort to ensure the safety of transactions in a rapidly growing industry
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AKARTA: The central bank will soon release an official regulation to govern payment systems for e-commerce in an effort to ensure the safety of transactions in a rapidly growing industry.
Bank Indonesia (BI) deputy governor Ronald Waas said the new central bank regulation (PBI), set to be released before July 6, would provide certain standards for online payment mechanisms, including a requirement for e-commerce players to regularly update their online security systems.
BI will also require financial technology companies to obtain legal status for establishing e-wallet services.
“The regulation is being discussed by our board of governors,” Ronald said as quoted by Antara on Thursday.
The number of online shoppers in Indonesia hit 7.4 million last year, only a tiny fraction of the country’s 250 million people — a fact that adumbrates an opportunity for e-commerce players to grow.
The Indonesian E-commerce Association (idEA) hopes Indonesian e-commerce transactions will reach a value of US$24.6 billion this year, three times than the $8 billion recorded in 2013. — JP
