People are Increasingly Reluctant to Use Debit Cards
Financial transactions conducted through digital applications are on the rise, while the use of debit cards at automated teller machines (ATMs) is experiencing a decline.
According to a recent statement from Bank Indonesia (BI), the use of BI RTGS for high-value digital transactions increased by 15.36 percent year-on-year in July 2024, reaching IDR 15,450 trillion.
In contrast, for retail transactions (low-value), BI-FAST has become the most favored option, growing by 65.08 percent year-on-year in July 2024, totaling 301.41 million transactions.
Digital banking transactions recorded a total of 1,845.27 million, reflecting a growth of 30.50 percent year-on-year. Electronic Money (EM) transactions rose by 22.61 percent year-on-year, reaching 1,272.35 million transactions.
"Meanwhile, transactions made using debit cards at ATMs decreased by 9.57 percent in July 2024, amounting to 584.95 million transactions," stated BI.
Additionally, credit card transactions grew by 15.35 percent year-on-year, reaching 39.83 million transactions, while transactions using QRIS surged by 207.55 percent year-on-year, with 51.43 million users and 33.21 million merchants.
Despite the rapid increase in digital application transactions and the decline in debit card usage at ATMs, the circulation of cash (paper and coin) continues to grow, reaching 9.45 percent year-on-year in July 2024, totaling IDR 1,041.02 trillion.
