Bank Indonesia (BI) will make another revision to regulation on electronic money and introduce electronic wallet in the Bank Indonesia Regulation. The new regulation on the payment transaction processing is expected to be finalized in November 2016.
Bank Indonesia deputy governor Ronald Waas said that one of the revision points is related to the expansion of electronic money basis. Currently, Ronald revealed, there are two types of electronic money, namely server-based and card-based electronic money. BI is considering adding gadget-based money as a new category.
“Currently we have Samsung Pay and Apple Pay. They don’t use cards,” Ronald said in Jakarta on Wednesday, November 9, 2016.
Ronald explained that there are two categories of e money, namely Know Your Customer (KYC) and non-Know Your Customer (nKYC).
In the new regulation, BI has planned to require electronic money issuer with total active members of no less than 300,000 to register the electronic money.
“[Electronic money issuer] with below 300,000 users doesn’t need to obtain a permit, but they need to report. In addition, they have to establish a legal entity,” Ronald said.
In terms of minimum balance, Ronald clarified that there would be no revision regarding the matter. The minimum balance for non-registered electronic money is Rp 1 million (US$77), while that for registered one is Rp 10 million (US$770).