G20 Roadmap for Enhancing Cross Border Payments: Indonesia (Wise)

Summary

• Bank Indonesia launched BI-FAST on 21 December 2021, providing instant payments with transaction limits up to IDR 250 million.p.15
• Non-bank payment service providers with minimum capital of IDR 100 billion can participate indirectly in BI-FAST.p.15
• Bank Indonesia aims to expand QRIS Tap payments to 58 million users and 40 million merchants by the end of 2025.p.15
• A total of 8 G20 members achieved the full 5/5 direct access score in 2025.p.10

Key insights

1. Indonesia is among 8 G20 members that achieved the highest 5/5 rating for direct access to payment systems for non-banks.p.10
2. Non-bank payment service providers require minimum capital of IDR 100 billion to become an indirect participant in BI-FAST.p.15
3. Bank Indonesia's direct membership criteria for banks requires a capital threshold of IDR 6 trillion.p.15
4. Bank Indonesia added three services to BI-FAST in December 2024, including bulk transfers, request-to-pay, and direct debits.p.15
5. Indonesia's regulatory framework lacks mandatory rules explicitly defining foreign exchange markups as costs to end users.p.16
6. Two major Indonesian retail banks, BCA and Bank Mandiri, provide full transparency on foreign exchange costs and mid-market rates.p.16