The digital industry in Indonesia continues to show its development. this progress is able to bring innovation in terms of digital payments. The types also vary, for example, electronic money, digital wallet, and so on. Digital transactions also occur in a number of countries, perhaps the country has already been regulated in this area in Indonesia, including Japan, Singapore, Canada, Britain, South Korea, Malaysia, and the Philippines.
now the Indonesian people, especially in urban areas, are starting to close to non-cash payments. Daily Social survey data related to E-money in Indonesia in 2017 showed that out of 1055 respondents 56.80% had had electronic money for a year or less. 42.43% of respondents feel that electronic money can provide a positive aspect of controlling expenditure.
Various payment requirements are now easier to do thanks to the digital payment. However, variations in digital payments in Indonesia continue to experience growth over time. Following is our explanation of digital payment in Indonesia from time to time.
Early Development of Digital Payment
This digital payment era begins with the issuance of payment cards, such as credit cards and debit cards, which can be used as a payment instrument. the famous payment cards to replace cash payments have been started since 1980
Indonesian people's credit and debit cards consider payment media to be the most practical, especially for people who frequently travel abroad.
The community likes the practicality offered in the transaction so that it encourages banks to offer a variety of features and special promos for users.
Throughout 2016, Bank Indonesia (BI) recorded transactions totaling Rp 5,623.91 trillion using ATM / Debit cards. While credit card transactions in 2016 reached Rp. 281 trillion (Indonesian currency).
How about e-money? Bank Indonesia (BI) recorded transactions with electronic currencies reaching Rp 7.06 trillion throughout 2016.
From a Credit Card to Today's Digital Payment
The use of payment cards began to experience changes since the presence of m-banking in Indonesia. Starting from the Asian Central Bank (BCA) which operated e-banking massively through the Klik BCA website in 2001.
Because of its practicality, m-banking and e-banking began to become a choice for people to conduct transactions, especially for online shopping on e-commerce platforms. Not to be missed as well as one of the most popular banks in Indonesia, Bank Negara Indonesia (BNI), the growth of e-banking transactions in 2016 grew rapidly compared to the previous year. This growth was dominated by internet banking transactions which surged to 50%. Followed by growth in SMS or mobile banking transactions that grew 40%, and BNI TapCash also grew by 40%.
Payment cards also evolved into e-money, also known as electronic money. In accordance with Bank Indonesia Regulation No. 11/12 / PBI / 2009 concerning Electronic Money, the amount of money is stored electronically in a media such as a server or chip.
Chip-based electronic money is usually in the form of cards issued by financial institutions or banks, such as TapCash BNI, Mandiri E-Money, Brizzi BRI, Flazz BCA, and so on. Whereas the e-wallet server base, for example, Tcash Telkomsel and Paypro Indosat Ooredoo, DOKU, and Go-Pay from Go-Jek which has been growing rapidly.
The difference between e-money and e-wallet lies in the maximum number of balances. At e-money, the maximum limit for top-up balances that can be sent is IDR 1 million. Whereas e-wallet can accommodate up to Rp. 10 million in balance, I say this is Rupiah (Indonesian currency). Both e-money and e-wallet are currently favored by the public to carry out small-scale transactions for various types of payments or shopping in retail stores.
Digital Payment of the Future.
Overseas the development of cryptocurrency is growing rapidly, but in Indonesia, it is still only beginning to be heard. However, not a few who predicted cryptocurrency to become one of the forms of the future of digital payment in the State of Indonesia.
Some types of cryptocurrency that have been circulating in Indonesia, namely Bitcoin, Ripple, Etherium. Bitcoin has so far been the most desirable and continues to rise in value.
only since 2012, the exchange rate of 1 Bitcoin is equivalent to the US $ 8 or Rp. 80,000. The value shot away, now 1 Bitcoin touched a range of hundreds of millions. One of the well-known blockchain players is OmiseGo from Thailand and has started operations in Indonesia.
One of the obstacles to the development of cryptocurrency in Indonesia is the difficulty of the blockchain system in the workings of cryptocurrency transactions. Even so, Bitcoin is still hunted because of the high level of transparency between servers which makes tracking easier and is considered a safe digital currency. But Indonesia, almost 85% of the people already know about crypto and also Indonesia has developed and has also printed its own digital currency