The rise of the digital economy encourages people to be more active in online business, especially in the marketplace business. Bank Indonesia has even projected that online transactions through marketplaces will grow up to 33.2% in 2021. This is still coupled with Open API presence to support marketplace that makes it easier for businessmen to provide online payment systems
Besides, the data from BI also highlights that Indonesia is one of several countries that will develop massively in the digital economy sector. According to a research by Google, Temasek, and Bain titled E-conomy SEA 2019, Indonesia’s digital economy GMV is predicted to reach US$130 Billion in 2025. In addition, according to Bank Indonesia, the value of digital transactions will have a double digit growth with e-commerce increasing by 33.2% and banking 19.1% year-on-year by this year.
BRI itself recorded a massive digital transaction growth of 402.6% as of March compared to the same period last year. This value is exceeding 409.29 million digital transactions conducted through BRImo.
Moving forward, the growth that occurs in digital transactions and online payment will just grow even massively. China, within the last 5 years, has experienced an influx of mobile payment transactions up to 15 times, which is triple the value of China’s GDP in 2020.
Open Banking to Meet the Cashless Society
Looking at the potential of this highly developed cashless society, payment service providers are competing to provide the easiest and the most convenient online payment and digital wallets systems. Business owners must join the competition by transforming digitally and presenting digital solutions to facilitate digital transactions. Moreover with the pandemic hitting the country, online transactions became vital to everyday’s life.
It is now also vital to implement online payment systems and e-wallets into our business platform, with the shifting consumer behavior in choosing the more secure digital payment options than the conventional.
To meet these various consumer needs, BRI presents an open API system through BRIAPI to expedite and simplify the integration of online transaction services in this digital era. BRIAPI is an Application Programming Interface (API) that allows easier and faster integration of BRI banking services to third-party applications/platforms.
Transactional API Options by BRIAPI
BRIAPI has several API product options to help your business grow, including the complete Transactional API options such as API BRIVA (Virtual Account), API Direct Debit, to API BRIZZI
API BRIVA allows your customers to transact in a more secure and faster manner by utilizing virtual account numbers. They will no longer need to manually input the transaction nominal or upload proof of payment like conventional ones, thus reducing the risk of payment errors. All BRIVA transactions will be confirmed automatically, making it easier for business owners to obtain transaction history in real time.
Utilizing API Direct Debit for your online business transactions will expedite and simplify the transaction process. Your customers will only need to enter their card number once. For further transactions, they will only be required to enter a one-time password (OTP) that ensures security in every transaction.
Meanwhile, API BRIZZI will alleviate your customer access to BRIZZI, BRI’s e-money service to replace cash to be used in various sectors such as paying toll fees, buying fuels, minimarket payments, or other retail stores.
The market share of mobile payment and e-wallet will only expand greatly in Indonesia. It will even be used more massively for its practicality and efficiency for online payments on various platforms, such as e-commerce, OTA, to ride-hailing. In fact, online payments have also penetrated into various business fields to meet people's daily needs such as paying bills, daily shopping, food and goods delivery, and so on.
Business should move and transform quickly in integrating these online payment systems, or else sinking into the intense competition. It is key for business owners to stay adaptive and creative, especially amidst crises like today’s pandemic.