Bank Indonesia has launched a new system of fast and safe digital payments for retail customers.* Bank Indonesia calls this payment system, Fast Payment, or BI-Fast. Customers will be able to make interbank money transfers of up to IDR 250 million per transaction (approx. USD17,000) with a charge of only IDR 2,500 (approx. USD .17) per transaction. Furthermore, BI-Fast offers customers the ability to make interbank payments using phone numbers and emails as an alternative to account numbers.

Customers will be able to use BI-Fast services with financial institutions, mostly banks, that have met Bank Indonesia’s requirements. Currently, there are 42 banks and 1 non-bank registered as being able to provide BI-Fast services.

*Bank Indonesia Board of Governors Regulation No. 23/25/PADG/2021 on the Organization of the Bank Indonesia-Fast Payment.