Bank Indonesia (BI) has released the Indonesian Payment System Blueprint (BSPI) on August 2nd. Building upon the 2025 Blueprint, the 2030 BSPI covers five initiatives; infrastructure, industry, innovation, international, and the digital rupiah. On infrastructure, BI aims to develop the “BI-Payment Clear” system, which includes digital payment IDs for optimizing financial transaction data and systems for capturing this data. A key component is “BI Payment Info”, an infrastructure providing an API for processing granular financial transaction data.
To strengthen the industry and payment systems the BI seeks to enhance risk management frameworks and align entry requirements with participants' risk levels. This approach focuses on interconnectivity between fintech and traditional banks while reducing the risks of shadow banking. To bolster innovation, BI Digital Innovation Center (BIDIC) will be created for testing, gathering market intelligence, researching and collaborating with industry partners. Internationally, BSPI will expand the use of Quick Response Code Indonesian Standard (QRIS), while integrating retail and wholesale payment systems.
The development of the digital rupiah began with a trial of the Central Bank Digital Currency (CBDC) issuance and redemption using distributed ledger technology (DLT). Now it has moved to Phase 2, which will explore integration and digital securities such as tokenization and programmability to assess if Wholesale CBDC (wCBDC) can replicate central bank operations using DLT. In the future, the wCBDC is hoped to be used as the basis for retail CBDC and cross-border payments.
