YLKI criticized BI about e-money top-up costs

E-MONEY - The Indonesian Consumers Foundation (YLKI) has criticized Bank Indonesia for its plan to issue a regulation requiring consumers to shoulder the top-up costs for e-money. The YLKI believes the regulation will hinder the development of a cashless society.

YLKI chairman Tulus Abadi said over the weekend that the emergence of non-cash transactions was a good thing and would make transactions more efficient and secure.

“A cashless society is in line with the emergence of the digital economy. But if BI requires consumers to shoulder the top-up costs, it will be counterproductive,” Tulus said as reported by kontan.co.id.

He said the banking sector would benefit from the emergence of e-money because they already received money from consumers before transactions. Therefore, he argues that banks should be responsible for the top-up costs.

“It is not fair for the consumers if they face disincentives in the form of paying the top-up costs,” he said.

Previously BI Governor Agus Matowardojo said the central bank would issue a regulation later this month that would, among other things, regulate e-money transactions.

“The e-money top-up costs will not burden consumers too much,” Agus said, adding that the regulation was still being finalized.

He said banks had already borne the investment costs to develop and maintain e-money infrastructure, and so should not be burdened again with top-up costs. (bbn)