JAKARTA—Indonesia’s central bank on Tuesday launched a new retail payment system that its governor said will slash the cost of money transfers and support the country’s booming digital economy.
The COVID-19 pandemic has accelerated growth in Indonesia’s digital finance, with digital banking transactions rising 47 percent on a yearly basis in November to reach 3,877 trillion rupiah ($269.52 billion) and e-money transactions up 62 percent to 31.3 trillion rupiah, according to Bank Indonesia’s (BI) data.
