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E-commerce transaction value to reach Rp530 trillion in 2022: BI

Our e-commerce transaction value has outgrown our earlier forecast owing to the market’s great potential

Jakarta Indonesia’s e-commerce transaction value is projected to reach Rp530 trillion (around US$37.1 billion) in 2022 and exceed the earlier forecast of Rp403 trillion (around US$28.2 billion) in 2021, Bank Indonesia’s (BI’s) Governor Perry Warjiyo stated.

“Our e-commerce transaction value has outgrown our earlier forecast owing to the market’s great potential,” Warjiyo stated at the 3rd Indonesia Fintech Summit 2021 in Jakarta on Saturday.

The governor reiterated the central bank’s commitment to driving improvement in four areas to support achievement of the forecasted value and maximise the potential offered by the e-commerce sector.

The governor remains committed to boosting the development of infrastructure, including of transportation and logistics, to ensure nationwide coverage of digital infrastructure and access.

“While I laud parties that invest in digital infrastructure, I also remind everyone that improvements are deemed necessary in physical connectivity and logistics access,” he remarked.

Improvement in infrastructure of the digital ecosystem, including the digital banking system, financial technology system, and e-commerce infrastructure, was the second area of focus highlighted by Warjiyo.

Integration of the three systems is a must, the governor remarked, adding that the financial technology system is dependent on the digital banking infrastructure as its backbone, and e-commerce plays its role in expanding its user reach.

The central bank has applied reform in the payment system, being the third area to be improved to boost the e-commerce transaction infrastructure in Indonesia, he affirmed.

Warjiyo reiterated the need to enhance digital literacy among residents, so they develop an understanding of digital products and transaction risks while utilising financial technology facilities.

Digital literacy will also allow residents to utilise a secure financial technology facility to benefit the national economy, the governor noted.


Source: Antara News


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June 2023