"We see both the volume and the nominal continue to increase and its liquidity is also maintained," she noted during the BI-FAST Implementation Acceleration event here on Thursday.
Meanwhile, throughout the Ramadhan and Eid al-Fitr holidays from April 3 to May 8, BI-FAST's transaction volume reached 27.6 million, with the value pegged at Rp107.4 trillion.
The average daily transaction volume throughout Ramadhan and Eid al-Fitr increased by 29 percent to 767,169 transactions, which was higher compared to 596,771 transactions in March 2022.
"It continues to increase both in terms of nominal and volume from January to May and we estimate that this will continue to increase," Hendarta said.
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BI-FAST transactions (nominal and volume) will continue to increase due to three factors: the expansion of different payment channels, expansion of communication, and the processing of the next member batches.
Currently, the total members of BI-FAST have reached 52 and represent 82 percent of the national retail payment system.
BI aims to push BI-FAST's transactions to Rp811 trillion this year, Hendarta informed.
She said she is optimistic that the transaction target will be achieved.
According to BI's press release, BI-FAST is a payment system infrastructure provided by BI and is accessible via applications offered by the payment system industry. It seeks to facilitate retail payment transactions for the public.
Related news: Number of BI-FAST participants up 22: central bank
Translator: Astrid F H, Fadhli Ruhman
Editor: Rahmad Nasution
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