"The development of digital payments has sped up growth of the digital economy that is expected to reach US$110 billion in 2025," Yogasati remarked at the National Financial Technology (Fintech) Month 2023: Fintech Talk event with GoTo Financial here on Tuesday.
He noted that digital payments will continue to grow positively, supported by changes in people's activities that have started to be mostly online-based and by sustainable growth in digital financial services.
He pointed out that digital payments accounted for 50 percent of the total transaction value in 2023.
Based on the e-Conomy SEA 2023 report, the gross transaction value (GTV) of Indonesia's digital payments was the highest among other Southeast Asian countries, reaching US$313 billion in 2023 and is estimated to increase to US$417 billion in 2025.
In addition, Indonesia's digital economy is projected to bounce back and reach around US$110 billion in 2025, with the e-commerce sector accounting for the highest share as compared to other sectors, such as online-based transportation and food delivery services, online travel agents, and online media.
Hence, digital payments and e-commerce play a role in driving Indonesia's economic growth, Yogasati stated.
Furthermore, he affirmed that digital payments can be a solution to accelerate national economic recovery, supported by significant growth in digital payment acceptance, especially in digital retail payment instruments.
In addition, BI promotes the use of Quick Response Code Indonesian Standard (QRIS) to support sustainable growth of the digital payment system and maintain the momentum of economic recovery.
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Translator: Martha S, Kenzu
Editor: Azis Kurmala
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