Indonesia's Digital Payment Ecosystem Sees Exponential Growth

Record-Breaking Transaction Volumes

Indonesia's digital payment landscape has witnessed remarkable growth, with two major payment systems - Quick Response Code Indonesian Standard (QRIS) and BI-Fast - achieving unprecedented transaction volumes. As of September 2025, QRIS transactions have reached 10.33 billion, while BI-Fast transactions have hit 9.61 billion. These figures underscore the rapid adoption of digital payment methods across the country.

Driving Factors Behind the Growth

Bank Indonesia Deputy Governor Filianingsih Hendarta highlighted that the significant growth in digital transactions is a direct reflection of enhanced financial inclusion. The QRIS system alone has been adopted by 58 million users and 41 million merchants across Indonesia. Notably, the merchant base is predominantly comprised of micro, small, and medium enterprises (MSMEs), with over 90% of the 41 million merchants falling into this category. This widespread adoption among MSMEs has been instrumental in driving the overall growth in digital transactions.

Future Projections and Challenges

Looking ahead, Bank Indonesia is optimistic about the continued growth of digital payments. The central bank projects that digital payment transactions will quadruple to 147.3 billion by 2030, representing a significant increase from the current figures. This projection is based on factors such as the continued participation of the younger generation in the digital economy and ongoing technological innovations. However, Filianingsih also cautioned about the growing risks associated with increasing digital transactions, particularly in terms of cybersecurity threats and fraud.

Addressing Cybersecurity Concerns

As digital transactions continue to grow, so do the associated risks. Filianingsih emphasized the need for comprehensive and collaborative risk management strategies to address these challenges. She highlighted that global losses due to cybercrime are projected to rise from $8.4 trillion in 2022 to $23.8 trillion by 2027. To mitigate these risks, she urged industry players to strengthen their fraud detection systems, implement robust authentication measures, and adhere to principles such as 'know your merchant' and 'know your customer'. The importance of enhancing digital literacy and consumer protection was also stressed, with a collective responsibility identified among regulators, industry players, and users.