“Payment System Innovations will be accelerated in order
to speed up digitalisation in financial sector as
well as national integration of economic and
finance digitalisation through various initiatives.”


The Digital Rupiah

In 2019, Indonesia’s central bank plans to digitize were made clear. The 5 initiative plan was announced; details provided that the following will be used – 

  • Open Banking APIs
  • Integrated Payment Interface
  • FMI (RTGS)
  • Integrated Reporting
  • SupTech and RegTech

On May 25, it was announced by the bank’s governor that a digital rupiah would be developed. 

No specific details about timelines, technologies, or specific goals were stated in the Governor’s announcement about Indonesia’s planned CBDC.

Indonesia ranks at 16th in the world for its GBP which exceeds a trillion dollars. GDP per capita is at 99 in the world. It is the 4th most populous nation in the world, and is in the G20. 

Indonesia’s 20 year economic development started in 2005 and by 2025 the 5 initiatives should have been implememented. 

Indonesia’s RTGS became operational in 2000.  It is part of the FMI in Indonesia which has – 

  • Central Counterparty (CCP)
  • Central Securities Deposities (CSD)
  • Electronic Trading Platform (ETP)
  • Securities Settlement System (SSS)
  • Trade Repository (TR)


Indonesia uses a retail based payment system called QRIS. This allows in-store QR scans to purchase goods. This allows international payments too, and real-time payments.

QRIS is part of the 5 initiatives and the payment systems infrastructure to be rolled out  by 2025.

Indonesia has the world’s largest Muslim population, and payments for zakat, infaq, alms (ZIA) were reported as 13 percent in 2019 of payments. QRIS may be used to enable these payments.

These raft of developments and ambitious plans for digitalization are especially relevant in Indonesia due to the large unbanked population and the dominance of cash. It is second to only India in cash dominance. 

A handful of wallets are dominating the e-wallets vertical in Indonesia – 

Perry Warjiyo paid references to the growing digitalization of Indonesian payments in his address to the 14th Bulletin of Monetary Economics and Banking. 

He also referred to financial deepening, which refers to the wider provision of financial services and liquid money. 

He also stated that digital currency must always be controlled by the central bank and not allowed to be in the private sector.

5 Initiatives


By cryptorocks_editor