Bank's Income from BI-Fast Services Continues to Grow

May 14, 2024, 04.22 AM | Reporter: Aldehead Marinda

ILUSTRASI. BI Fast service advertisement at private bank branch offices in Jakarta, Monday (18/12/2023). The existence of the BIF Fast service which can be used for inter-bank transfers is now increasingly in demand. Bank Indonesia (BI) projections show that the BI Fast service is estimated to be able to grow up to 74% annually. Where the transaction value is projected to reach IDR 9,971 trillion./pho KONTAN/Carolus Agus Waluyo/18/12/2023.

BANKING - JAKARTA. The BI-Fast transaction system has become the dominant method for interbank transfers in Indonesia, outpacing online transfers due to its lower cost. The popularity of this service has led to a significant increase in transactions, contributing to substantial revenue for several banks.

For context, the cost borne by customers when making a BI-Fast transfer is a maximum of IDR 2,500. BI only charges IDR 19 per transaction, with the remainder serving as income for the participating BI-Fast issuers.

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Editor: Syamsul Azhar