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Indonesia to see double-digit growth in digital transactions this year: BI
Indonesia is forecast to record double-digit growth in digital transactions this year, with a notable acceleration of digital banking and e-commerce transactions.
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Illustration of online shopping (Shutterstock/Stanisic Vladimir)
I
ndonesia is forecast to record double-digit growth in digital transactions this year, with a notable acceleration of digital banking and e-commerce transactions, as the COVID-19 pandemic prompts consumers to shift to digital platforms, Bank Indonesia (BI) has stated.
The value of e-commerce transactions is projected to grow by 33.2 percent year-on-year (yoy) to Rp 337 trillion (US$24 billion) this year from an estimated Rp 253 trillion in 2020, according to BI data. That growth rate would mark an acceleration from 23 percent yoy growth between 2019 and the estimated 2020 figure.
Meanwhile, digital banking transactions are forecast to grow by 19.1 percent yoy to Rp 32.2 quadrillion in 2021, much faster than 1.5 percent yoy growth between 2019 and the estimated 2020 figure. E-money is projected to grow by 32.3 percent yoy to Rp 226 trillion.
“This is, among other factors, supported by Bank Indonesia’s acceleration of digital payment systems as well as public preference and acceptance of digital transactions on the back of COVID-19,” BI Governor Perry Warjiyo said in a virtual event on Thursday.
With the government limiting mobility, more consumers are now buying groceries, clothes and other products from home using digital services.
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