BI Fast Answering the Need for Cheap Transactions

BI Fast Answering the Need for Cheap Transactions

JAKARTA, 8 March 2022 -- Bank Indonesia believes that public retail digital transactions will increase in line with the implementation of BI Fast Payment. BI Fast's capacity has also been made very strong to accommodate the maximum transactions of the Indonesian people.

The Assistant Governor of the Head of BI Payment System Policy Department, Filianingsih Hendarta said that Bank Indonesia was preparing BI Fast to be able to answer the maximum needs of the Indonesian people's digital transactions. Moreover, BI Fast is designed as a fast, easy, cheap and safe payment transaction innovation as a game changer that answers the needs of the community.

"Currently, we provide BI Fast as a retail payment that answers transaction needs at any time without space restrictions. It is becoming a game changer for the digital payment ecosystem. When the Bank is full, the transactions will increase by 811 million transactions. But it's still below full capacity, which is still 50% of BI fast itself," hse said.

As for, Filianingsih said that nowadays many people are turning to digital transactions because the infrastructure is able to answer the needs of a fast, easy, cheap and safe.

The payment service industry players have also begun to provide many programs and applications that are very helpful to the community. Beyond that, granular data is becoming increasingly important to create more sustainable and effective payment service product innovations for the community.

“With these developments, we also have a very strategic plan for BI-Fast. We will gradually develop debit transfers, requests for payments, and even electronic money, and even cross borders," she said.

Stronger Transaction Volume

BNI's IT and Operations Director, Y.B. Hariantono said BI Fast is a breakthrough that was very beneficial for customers, especially in terms of transaction fees which reached Rp. 2,500 per transaction. This is expected to increase the volume of transactions which will later become a source of income for Banks to be able to continue to increase revenue in terms of more sustainable technology development. "We can say that the average investment in information technology of national Banks is in the range of 4% of total revenue. This technology capital expenditure is used to continue to increase the capacity and quality of digital Banking services in Indonesia," he sai.

Hariantono said the company became the first Bank group to implement BI Fast Payment late last year. The company is also actively making system adjustments so that the implementation of BI Fast does not reduce the quality of customer retail transaction services that have taken place. "In the future, we will gradually transfer all retail transactions to BI fast. We are accelerating with this BI Fast.”


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