Many people abandon debit cards

Digital financial transactions are on the rise, while the use of debit cards at ATMs is declining, according to Bank Indonesia (BI).

BI's July 2024 data shows that high-value digital transactions made through BI RTGS grew 15.36% year-over-year, reaching IDR 15,450 trillion. For lower-value retail transactions, BI-FAST has become the preferred method, increasing 65.08% to 301.41 million transactions.

Overall, digital banking transactions totaled 1,845.27 million, a 30.50% annual rise. Electronic money transactions also grew, up 22.61% to 1,272.35 million.

In contrast, debit card usage at ATMs dropped 9.57% to 584.95 million transactions. However, credit card transactions rose 15.35% to 39.83 million, and QRIS transactions surged 207.55% to 51.43 million users and 33.21 million merchants.

Despite the shift to digital, cash circulation (paper and coin) continued to grow, increasing 9.45% year-over-year to IDR 1,041.02 trillion.

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