Bank Indonesia Launches Retail Payment Infrastructure to Foster Financial Digitalisation and Inclusion

Bank Indonesia announced recently the launch of the Bank Indonesia Fast Payment (BI-FAST) system virtually, which is accessible via applications offered by the payment system industry to facilitate retail payment transactions for the public.

“I expect the launch of BI-FAST to accelerate national economic and financial digitalisation, integrate the payment system industry ecosystem end-to-end from digital banking, FinTech and e-commerce to consumers, increase economic and financial inclusion as well as drive national economic recovery momentum,” stated Bank Indonesia Governor Perry Warjiyo.

The new launch is a national-driven initiative to create more efficient retail payment system infrastructure that meets the needs of the community in terms of fast, affordable, secure and reliable economic and financial transactions, while strengthening national payment system industry consolidation and building an integrated, interoperable and interconnected digital economy and finance that can foster national unicorns.

BI-FAST will assume its function as backbone of retail payment system infrastructure moving forward, thus accelerating payments via various instruments and channels securely and affordably in real time and available 24/7. And it is one of Bank Indonesia's efforts to accelerate digitalisation of the national economy and finance through fast payment infrastructure as a game changer in anticipation of digital transaction developments looking ahead, including cross-border transactions.

The initial phase of BI-FAST implementation will be in December 2021, focusing on individual credit transfer services.