ePaisa Payment Gateway: Indonesia's e-commerce transactions to reach $29bn by 2023

Officials from Indonesia's central bank announced on Wednesday that transactions in the country's e-commerce sector reached Rp 453.75 trillion (about US$29 billion) last year, the Jakarta Globe reported on 17 January.

Although the e-commerce transaction volume declined slightly by 4.73% compared to Rp475.3 trillion in 2022, the volume of transactions within the sector showed a strong growth trend. Speaking at a press conference in Jakarta, Bank Indonesia Deputy Governor Fillianingsih Hendarta said, "In terms of transaction volume, e-commerce transactions have continued to grow, reaching 3.71 billion transactions last year, a significant increase from 3.49 billion in 2022." Digital banking services also showed an upward trend, growing by 13.48% year-on-year to reach Rp 58,478.24 trillion in 2023. Digital banking transactions are expected to reach Rp 63,803.77 trillion this year.

Transactions through digital payment platforms grew by 43.45% year-on-year, totalling Rp 835.84 trillion in 2023. This is expected to exceed Rp1,000 trillion by the end of this year. With the government's digitisation efforts, the use of QR codes in domestic and cross-border transactions grew by 1,30% year-on-year to Rp229.96 trillion. Bank Indonesia reported that 45.78 million users and 3,041 merchants have adopted the QR code system.

Fillianingsih mentioned that neighbouring countries such as Singapore, Thailand and Malaysia have adopted the Indonesian QR Code Standard (QRIS) for cross-border transactions.

Source: Jakarta Globe