The Covid-19 pandemic has shifted the consumer behavior in making payments and transactions into digital, thus accelerating the performance of digital banking industry. People now prefers electronic transactions for more convenient shopping. This is what a cashless society is, an economic phenomenon where people use non-cash payment method for every financial transaction.

Bank Indonesia (BI) stated that electronic money transactions increased by 45.05% year-on-year (yoy) to Rp209.81 trillion in the third quarter of 2021. BRI also recorded a brilliant performance with 44.2% increase in its digital banking transactions, dominating BRI’s transaction volume by 59%. 

According to BRI's Corporate Secretary Astika Oryza Gunarto, BRI's digital banking transactions grew positively due to the economic recovery and high mobility of society. The increase also shows a real transformation happening today, especially in public transactions, as well as BRI's massive support for a cashless society.

What is Cashless Society?

BRI customers make transactions through BRIMo as part of a cashless society

Cashless society is an economic concept in which all financial transactions are carried out through non-cash instruments. The backbone of a cashless society is digital channels, such as internet banking, mobile banking, and electronic or digital wallets. Thus, there is no place for cash payment instruments in a cashless society. 

To support Indonesia’s cashless society, Bank Indonesia (BI) has launched the National Non-Cash Movement (Indonesian: Gerakan Nasional Non-Tunai, GNNT) since August 14, 2014. The aim of GNNT is to create a payment system that is safe, efficient, and smooth. Thus, GNNT and cashless society are expected to encourage the national financial system to work effectively and efficiently.

As the oldest bank in Indonesia, BRI provides various digital services to help create a cashless society. BRI has BRIMo as a financial super-app that integrates all BRI digital products into an all-in-one application. There is also Ceria, BRI's digital lending platform for applying consumptive loans in various marketplaces. BRI also has BRIAPI, an open banking technology that allows BRI's digital products accessible through other business platforms or applications.

All these efforts are aimed at a bigger goal: immersing the public in the cashless ecosystem. So, everyone participates in Indonesia's cashless society through BRI's digital financial services.

Read also: MSMEs Digitization Boosts MSME Revenues in 2022

Why Are We Moving towards a Cashless Society? 

There are some major factors that lead us towards a cashless society. The following are the four factors for the emerging cashless society:

1. People are getting more tech-savvy

The rapid development of technology makes people fear being left behind. As a result, people compete to follow the cashless trend by learning about various non-cash payment technologies.

2. People want convenience and speed

Indonesian consumers are considered to have experienced the benefits of cashless lifestyle, especially in terms of ease, speed, and convenience in transactions. All transactions can be done anytime and anywhere through their gadgets.

One example is BRI Virtual Account (BRIVA). BRIVA is a Virtual Account payment service from BRI available at BRIAPI. With it, all payment transactions will be automatically recorded in real-time—supporting customers' needs for a fast and convenient transaction.

3. Online marketplace and payment systems become more popular

The variety of marketplaces and virtual payments also support people's transition from cash to non-cash transactions. A study conducted by Visa states that 59% of Indonesian consumers now prefer to shop at online marketplaces, leading them to use digital payment methods than conventional ones.

4. Covid-19 accelerated society's transition

The same study also stated that the Covid-19 pandemic could accelerate the realization of a cashless society in Indonesia by 2026. Since consumers were concerned about the spread of the virus, as many as 63% of Indonesians carried less cash after the pandemic hit, becoming the highest in Southeast Asia. 

7 Benefits of Cashless Society

BRI customers make transactions through BRIMo as part of a cashless society

By being part of a cashless society, you can get various advantages. Here are seven benefits of a cashless society for your financial life:

1. Pay more conveniently

In a cashless society, you no longer need to carry cash that fills your wallet. All you have to bring is a debit card, electronic money, or digital wallet from your smartphone. You can do transactions more conveniently this way. 

You can feel the convenience with BRI Direct Debit. For example, when you conduct a transaction in e-commerce, you just need to input a one-time password (OTP) code, and the funds from your account will be withdrawn automatically. Thus, online shopping has become easier and safer than ever with BRI Direct Debit.

2. Ensure transactions security

In addition to being practical, a cashless society also ensures consumers’ safety in transactions. This is because every non-cash payment uses a PIN or One Time Password (OTP) code as its security feature. So, you don't need to be afraid to do digital transactions

3. Provide time and energy efficiency

Currently, various merchants have provided various cashless payment methods, either through EDC machines, QRIS codes, or digital wallets. That way, you can conduct transactions easily and efficiently.

4. Create a more accurate financial planning

Planning a good financial budget is one of the keys to a successful life. By participating in a cashless society, you can easily track all income and expenses, from transaction value, location, time, to every merchant name you transact with.

5. Support government savings

According to a report by Bank Indonesia, every year, about IDR 3.5 trillion is disbursed to print new banknotes, including replacing and destroying the shabby ones. By becoming a cashless society, we participate in saving the government budget, especially in managing costs for physical money.

6. Get exciting promos 

Cashless society has also become a promotional event for merchants. For example, BRIZZI partner merchants can provide attractive promos for their customers when they make transactions with electronic money. From discounts to large cashback, these promos make shopping even more economical. 

7. Accelerate economic cycle

The last benefit of a cashless society is that it speeds up nation’s economic cycle. As a result, money distribution to productive sectors is faster. According to former Deputy Governor of Bank Indonesia, R. Maulana Ibrahim S, faster money circulation can stimulate economic growth as a result of the created money multiplier.

Cashless Society in Indonesia

Illustration of a cashless society in Indonesia that has been launched by Bank Indonesia since 2017

BI has implemented several initiatives to support cashless society in Indonesia. Among them is the implementation of non-cash toll payments since October 2017. At the end of the same year, BI launched the National Payment Gateway (Indonesian: Gerbang Pembayaran Nasional, GPN) for ATM/Debit cards for interoperability and interconnection of payment systems.

Two years later, on August 17, 2019, BI inaugurated the use of the Indonesian Standard QR Code (QRIS) as a QR Code standard for digital payments. They keep pushing forward by issuing Indonesian Payment System Blueprint (Indonesian: Blueprint Sistem Pembayaran Indonesia, BSPI) 2025. 

One of BSPI 2025 visions is to support banking digitalization as today's main institution in the digital economy, both through the use of open-banking and digital technology and data in the financial business. This is where BRIAPI takes it part.

BRIAPI stands for BRI Application Programming Interface, an application that integrates third-party applications with BRI digital banking services. With more than 170 million BRI customers throughout Indonesia, BRIAPI brings your business one step closer to a cashless society ecosystem.

Read also: 7 Benefits of Bank API for Business and Developers

Shaping Indonesia's Cashless Society with BRIAPI Open Banking


BRI continues to optimize BRIAPI's open banking services. This is because BRIAPI simplifies and streamlines various banking transaction needs, especially digital transactions. Of course, BRIAPI growth is in line with society's movement toward a cashless society.

BRIAPI has already proven in helping BRI partners to fortify their digital services. Throughout 2021, BRIAPI's sales volume has successfully increased to 305.8%. Furthermore, until the fourth quarter of last year, more than 235 million transactions occurred through BRIAPI. This triple digit growth was achieved thanks to the increasing number of transactions made via BRIAPI.

Thus, it can be said that BRIAPI has supported in shaping Indonesia's cashless society. More than 386 BRI partners across Indonesia have established a cashless ecosystem. Starting from e-commerce, fintech, ride hailing, to educational institutions—all towards a cashless society.

BRIAPI was created as an embodiment of BRI's strategy to speed up Indonesia's financial and economic inclusion. BRIAPI also supports the development of the fintech industry through collaboration.

Therefore, it can be concluded that BRIAPI has hugely contributed to creating a cashless society by optimizing open banking services that provide convenience for all parties. Let's create a cashless society in Indonesia by integrating BRIAPI to your business now.