[PRESS RELEASE] How Digital Payment can build Indonesia Financial Resilliency| DIGITALK #49
August 18, 2021 11:58 am ||
Google Meet, 13 August 2021 – During the pandemic, the public is encouraged to use cashless payment to reduce the spread of the COVID-19 virus, which can be transmitted through direct contact. Not only that, but COVID-19 has also brought a paradigm shift for many business sectors, especially MSMEs, regarding the importance of digital adaptation. Responding to the phenomenon of shifting consumption patterns and Transformation of financial technology during the COVID-19 pandemic in Digitalk #49together with Fathahillah Dipanegara Wicaksana as Manager/Economist of the Payment System Policy Department of Bank Indonesia and Felix Sharief as Head of Government Relations of DANA Indonesia, they tried to discuss more deeply related to the role of financial technology in assisting the recovery and strengthening of the economy, and its efforts in realizing the strengthening of the digital economy ecosystem.
Digital Payments as the Foundation of Indonesia’s Economic Recovery
According to Fathahillah Dipanegara Wicaksana, Indonesia had started to emerge from the recession compared to when the pandemic first entered Indonesia. The key to this revival is the process of digitization and innovation carried out by various sectors. The COVID-19 pandemic has also changed people’s behavior patterns, where currently, people prefer to make digital payments. This is what underlies digital payments to become the main foundation of the digital financial economy. Digital payments include e-commerce activities, digital financial services, ride-hailing, and segmented tech. BI navigated payment systems in the digital era in response to digital payments and issued the Indonesia Payment System Blueprint 2025. In addition, one of the digital payment solutions amid the pandemic is QRIS. According to Fathaillah, the advantages of QRIS are: Cool and Up-to-date, Fast Transactions and Recorded Expenditures, Safe and protected because BI, More Hygienic supervise them without Physical Contact, Efficient, Without Change and Free of Charges. Closing his presentation, Fathahillah Dipanegara Wicaksana emphasized that “The use of digitalization is expected to be a solution to maintain economic productivity and in turn purchasing power and economic growth are maintained.”
The Role of Platforms in Digital Payments
Starting his presentation, Felix Sharief said that during the pandemic, activity in DANA experienced a 60% increase in the number of digital transactions with 180,000 new traders. This is in line with what was conveyed in the previous presentation: people have turned to digital transactions to avoid physical activity during the COVID-19 pandemic. Furthermore, through QRIS innovation and DANA Bisnis innovation, DANA contributes to the empowerment and assistance of MSMEs & other informal sectors in various regions throughout Indonesia. In addition, there are three DANA’s efforts to support the government, namely: the DANA Bisnis for MSMEs transaction, providing education and empowerment programs for MSMEs towards GO DIGITAL, and cooperates with KemenkopUKM and several SOEs in the Food Sector to support the business sector. Namely the neighborhood shop (the Neighbor’s Warung Assistance Program). Closing his presentation, Felix Sharief stated that “Transformation to the digital world is a necessity, especially during the current pandemic because there are many advantages that we can get.”
Author: Firya Qurratu’ain A.
Editor: Ruth T. Simanjuntak