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Jakarta Post

Bank Mandiri controls 80% of electronic money in H1

  • News Desk

    The Jakarta Post

Jakarta   /   Thu, August 16, 2018   /   11:14 am
Bank Mandiri controls 80% of electronic money in H1 An employee shows two payment cards at a retail outlet in Bandung. (Antara/M Agung Rajasa)

State-owned lender Bank Mandiri small business and networks director Hery Gunardi said in Jakarta on Wednesday that through its e-money-branded cards, the bank controlled 80 percent of electronic money transactions in the first half of the year.

He said the lender recorded 703.4 million transactions with e-money cards in the first half of 2018 with a total transaction value of Rp 8 trillion (US$547 million).

“Our target was to distribute 18 million e-money cards with total transactions of 10.5 trillion. But our monthly transactions have already reached Rp 1.1 trillion. The card is mainly used in the transportation sector, particularly toll roads and [commuter] trains,” he said as quoted by kontan.co.id.

However, he said that the e-money transactions did not significantly contribute to Bank Mandiri’s revenue because electronic money was categorized as prepaid and there was no fee during the top-up transaction.

“So, there is no revenue and we do not treat it as third-party funds. It is only a cashless additional service, encouraged by Bank Indonesia,” Hery added. (bbn)