Jakarta (ANTARA) - Governor of Bank Indonesia (BI) Perry Warjiyo has said that the digitalization of payment systems in Indonesia is one of BI's responses to the economic challenges arising from artificial intelligence (AI) disruption.

"We released the Indonesia payment systems blueprint in 2019, around 10 months before COVID-19, and that's the digital transformation that we are doing in payment systems," he informed at the ISEI Jakarta webinar, which was followed from here on Monday.

Amid the challenges of automatization due to AI disruption, the emergence of AI has also offered potential in the aspect of economic digitalization that can be tapped by many countries, including Indonesia, he noted.

Based on McKinsey & Company's research, AI can add US$2.6 trillion, or even up to US$4.4 trillion, to the value of the global economy.

According to Warjiyo, BI is currently endeavoring to continue to develop the digitalization of the economy by taking advantage of technological advances.

Some examples of the digital economic transformation that has been initiated by BI are the Quick Response Code Indonesian Standard (QRIS) and the National Payment Open API Standard (SNAP).

Those two breakthroughs have created a healthy, competitive, and innovative payment systems industry and have also encouraged integration, interconnection, and interoperability.

The BI governor further said that the central bank is currently implementing an industrial reformation to direct the industry to advance, make it easy to invest, boost productivity, and ensure robust risk management.

Through the Bank Indonesia Fast Payment (BI-FAST) system, BI can also serve retail payment infrastructure at a cost of Rp2,500 (around US$0.16).

During the webinar, Warjiyo revealed his plan to connect BI-FAST to the National Payment Gateway (GPN).

"It is essential to build digital transformation that, of course, will also be needed later amid the emergence of AI," he said.

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Translator: Bayu Saputra, Raka Adji
Editor: Azis Kurmala
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