Indonesian Central Bank Cuts Costs of Money Transfer for New Payment System

In a bid to support Indonesia’s booming digital economy, the country’s central bank on Tuesday 21^st December, launched a new retail payment system. According to the governor this new system will cut the money transfer costs.
The Covid-19 pandemic did one thing good for Indonesia’s digital economy, that is, it accelerated the pace of digital finance. Now yearly digital banking transactions grew by 47% and e-money transactions have risen by 62% on the yearly basis.
The current e-money transaction now stood at 31.3 trillion rupiah (US$21.83 billion), and digital banking transaction came up to 3,877 trillion rupiah (or US$269.52 billion).