Jakarta. Indonesia’s e-commerce sector recorded Rp 453.75 trillion ($29 billion) in transactions throughout last year, a central bank official announced on Wednesday.

While the value of e-commerce transactions experienced a slight decrease of 4.73 percent from the Rp 475.3 trillion recorded in 2022, the sector demonstrated robust growth in terms of transaction volume. 

"In terms of volume, e-commerce transactions have consistently risen, reaching 3.71 billion transactions last year, a notable increase from 3.49 billion in 2022," Bank Indonesia’s Deputy Governor Fillianingsih Hendarta said in a news conference in Jakarta.

Digital banking services also experienced an upward trajectory, with a 13.48 percent year-on-year rise in transaction value, reaching Rp 58,478.24 trillion in 2023. Projections for this year indicate digital banking transactions are set to reach Rp 63,803.77 trillion.

Transactions utilizing digital payment platforms surged by 43.45 percent year-on-year, totaling Rp 835.84 trillion in 2023. Expectations point to this figure surpassing Rp 1,000 trillion by the end of the year.

In line with the government's digitalization push, the use of QR codes in domestic and cross-border transactions witnessed a remarkable 130 percent year-on-year increase, reaching Rp 229.96 trillion. Bank Indonesia reported 45.78 million users and 30.41 merchants adopting the QR code system.

Fillianingsih said the QR Code Indonesian Standard (QRIS) has been adopted by neighboring countries such as Singapore, Thailand, and Malaysia to facilitate cross-border transactions.

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