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Digital transactions forecast to grow 31% next year: Bank Indonesia
Bank Indonesia (BI) estimates e-commerce transactions to grow 31.4 percent annually to Rp 530 trillion (US$37 billion) next year.
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Bank Indonesia (BI) Governor Perry Warjiyo talks during a livestreamed press briefing after monthly Board of Governors meeting on June 18, 2020. (Courtesy of Bank Indonesia (BI)/-)
B
ank Indonesia (BI) projects e-commerce, electronic money and digital banking transaction values to continue to expand next year, with online marketplaces experiencing the highest growth.
BI Governor Perry Warjiyo said e-commerce transactions would reach Rp 530 trillion (US$37 billion) in 2022, a 31.4 percent increase from Rp 403 trillion expected this year.
He went on to say that electronic money would also grow to reach Rp 337 trillion next year, up from Rp 289 trillion this year. Meanwhile, digital banking transactions were expected to increase to Rp 48 quadrillion from Rp 40 quadrillion in 2021.
“The digital economy is growing rapidly,” he said during the annual BI meeting on Nov. 24.
Indonesia will continue to become the biggest digital economy in Southeast Asia on the back of strong e-commerce growth, according to the e-Conomy SEA 2021 report released by Google, Temasek Holdings and Bain & Co.
The report estimates that Indonesia’s internet economy would grow to $70 billion this year, in which e-commerce accounted for $53 billion.
Read also: Indonesia’s internet economy to reach $70 billion in 2021
