A new report by the Bank of Indonesia highlights the country’s 2023 economic growth plan which will include the digitalization of payment systems and the creation of a Digital Rupee. This will comprise increasing the availability and use of digital payments, such as e-wallets and online banking. The government has been actively promoting the use of digital payments since the launch of the national e-payment system, the National Payment Gateway (NPG), in 2019. 

The Digital Rupee is designed to promote financial inclusion and spur economic growth by providing access to digital payment services for individuals, businesses and other stakeholders. It is also expected to reduce transaction costs and simplify payments.

According to the Central Bank’s report, the government will employ a three-pronged approach to building a national digitized financial infrastructure.

(by Richard Adrian)