Indonesian Digital Banking Grows by Nearly 900 Percent in Jokowi Era

Jakarta, VIVA – Bank Indonesia reported that during the leadership of President Joko Widodo (Jokowi) from 2014 to 2023, the volume of digital banking in Indonesia increased by nearly 900 percent, specifically 898.82 percent.

During President Jokowi's first term, Indonesia's digital banking volume rose by 116.95 percent. In detail, the transaction volume in 2014 was 1.6 billion, then it increased to 1.9 billion in 2015, 2.5 billion in 2016, 3.1 billion in 2017, 3.4 billion in 2018, and 4.9 billion in 2019.

During this period, Bank Indonesia recorded that in 2014, the transaction volume amounted to IDR 11,737 trillion.

It increased to IDR 12,343 trillion in 2015, IDR 14,382 trillion in 2016, IDR 16,998 trillion in 2017, IDR 21,859 trillion in 2018, and IDR 27,287 trillion in 2019.

In President Jokowi’s second term, digital banking volume grew by 225.97 percent. More specifically, in 2020, the digital banking volume was 4.9 billion, rising to 7.7 billion in 2021, 11.7 billion in 2022, and reaching 16.1 billion in 2023.

For this period, the nominal transaction value in 2020 was recorded at IDR 27,364 trillion, increasing to IDR 40,820 trillion in 2021. It rose again to IDR 51,531 trillion in 2022, and further to IDR 58,617 trillion in 2023.

On the other hand, after the launch of the Quick Response Code Indonesian Standard (QRIS), BI data showed that the number of new users was recorded in 2021.

In 2021, the number of QRIS users reached 11.5 million, increasing to 28.7 million in 2022, and in 2023, the number of users had reached 45.5 million.

Bank Indonesia further revealed that QRIS transactions in August 2024 continued to grow rapidly, up 217.33 percent year-on-year.

The number of users reached 52.55 million, and the number of merchants totaled 33.77 million.