Friday, October 06, 2017

Issue Number: 526

The National Payment Gateway: Redefining Domestic Payment Systems and the Move towards a Cashless Society

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The rapid growth in retail-payment transaction inflows into Indonesia is creating challenges for the country’s payment systems. Moreover, a lack of system interoperability and interconnectivity is constraining the national payment system, as well as the domestic retail-payment system. In order to resolve these issues, Bank Indonesia (“BI”) has introduced a new system, the National Payment Gateway (“NPG”), as part of its ongoing efforts to actualize the independence of Indonesia’s national-payment system, especially in respect to financial transactions which are carried out within Indonesia....
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