The Strategic Role of Bank Indonesia in the Payment System in the Digital Era

Abstract

This study examines the strategic role of Bank Indonesia (BI) in strengthening the national payment system in the context of rapid digital transformation. BI’s mandate extends beyond the technical administration of payment infrastructures to include safeguarding monetary stability, ensuring the soundness of the banking sector, and supporting overall economic resilience. The research highlights how innovations such as Quick Response Indonesian Standard (QRIS), and BI-FAST have significantly improved transaction efficiency, reduced costs, accelerated settlement processes, and expanded financial inclusion across different segments of society, Particularly MSMEs. These policies have created a more accessible and integrated financial ecosystem that contributes directly to the growth of Indonesia’s digital economy. Nevertheless, the findings also reveal major challenges that accompany this transformation. These include low levels of financial literacy in large portions of the population, heightened cybersecurity risks associated with increasing volumes of electronic transactions, and regulatory gaps that struggle to keep pace with the rapid innovation of financial technology (fintech). Using a qualitative descriptive approach, the study concludes that BI plays a central role in ensuring that the payment system not only facilitates economic activities but also serves as a strategic foundation for monetary stability.