Denpasar, Bali (ANTARA) - Head of Bank Indonesia’s Bali branch Trisno Nugroho stated that the central bank had streamlined various instruments of the payment system policy to boost non-cash payment transactions during the COVID-19 pandemic.
"Among other things, Bank Indonesia has waived the imposition of the Quick Response Indonesia Standard (QRIS) transaction fees for traders in the micro business category," Nugroho remarked in Denpasar, Bali, on Friday.
Nugroho noted that the validity period for the QRIS Merchant Discount Rate (MDR) of zero percent is from April 1, 2020, to September 30, 2020.
Moreover, Nugroho highlighted that Bank Indonesia had reduced the cost of the Bank Indonesia Clearing System (SKNBI), from Rp3,500 to Rp2,900, which is the maximum fee charged by banks to customers. This policy is effective from April 1, 2020, to December 31, 2020.
"Bank Indonesia also supports the accelerated distribution under the government’s social programs, such as the Family Hope Program (PKH), Non-Cash Food Assistance (BPNT), Pre-Employment Card, and Smart Indonesia Card (KIP)," Nugroho stated.
Bank Indonesia will relax its credit card policy for users of credit cards, Nugroho remarked. As of May 1, 2020, the maximum interest rate limit has dropped, from 2.25 percent to two percent per month.
During the period from May 1, 2020, to December 31, 2020, Bank Indonesia has also adopted several policies, including reduction in the value of temporary minimum payments, from 10 percent to five percent, and reduction in the amount of late payment penalties, from three percent, or a maximum of Rp150 thousand, to one percent or a maximum of Rp100 thousand.
"In addition, BI supports the policy of credit card issuers to extend payment terms for customers affected by COVID-19, with the mechanism being at the discretion of each credit card issuer," Nugroho expounded.
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BI increases policy instruments to expand cashless transactions
17th April 2020