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Indonesia central bank says new payment system to slash money transfer costs

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JAKARTA : Indonesia's central bank on Tuesday launched a new retail payment system that its governor said will slash the cost of money transfers and support the country's booming digital economy.The COVID-19 pandemic has accelerated growth in Indonesia's digital finance, with digital banking transactions

JAKARTA : Indonesia's central bank on Tuesday launched a new retail payment system that its governor said will slash the cost of money transfers and support the country's booming digital economy.

The newly launched"BI-Fast" system will allow real-time, secure money transfers of up to 250 million rupiah, at a maximum cost of 2,500 rupiah per transaction for customers, BI Governor Perry Warjiyo said.

 

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