CASHLESS TRANSACTIONS GAIN POPULARITY AMONG INDONESIANS

by Andi Abdussalam

Jakarta, Jan 10 (Antara) - Advancements in digital technology have offered a more convenient and practical cashless transaction facility without the need to carry heaps of banknotes in the wallet.         There is an increasing trend among Indonesia's millennial youth and also the elderly generation to make electronic payments through cashless transactions using debit cards, credit cards, and electronic money, or e-money, among others.     Electronic money transactions showed a significant growth until the end of November 2017, with a total nominal value of Rp1.64 trillion, up 98 percent year-on-year (yoy) compared with November 2016.         Bank Indonesia's (BI's) statistics in Jakarta on Tuesday indicated a nominal growth of 98 percent and a rise in volume of 93 percent to 128.51 million transactions, from 79.22 million recorded in November 2016.         With regard to the amount of electronic money in circulation until November 2017, BI has recorded 113.72 million transactions, or an increase of 130 percent from 49.41 million recorded during the same period in the previous year.