Bank Indonesia has issued new regulations in the realm of payment services provider in Indonesia, namely Board of Governors Regulation No. 24/7/PADG/2022 concerning Implementation of Payment Systems by Payment System Service Providers (PJP) and Payment System Infrastructure Organizers (PIP) (PADG 24/7/PADG/2022), which is the implementing regulation of Bank Indonesia Regulation No. 23/6/PBI/2021 concerning Payment System Service Providers (PBI 23/6/PBI/2021).
PADG 24/7/PADG/2022 has issued some guidelines on the implementation of the payment system by PJP and PIP, including the (i) licensing of PJP and designation of PIP, (ii) the operation of payment systems (iii) technological innovation in payment systems, (iv) supervision of payment systems, and (v) self-regulatory organizations. In this case, PADG 24/7/PADG/2022 and PBI 23/6/PBI/2021 have different provisions, which are summarized as follows:
- PADG 24/7/PADG/2022 determines the limits of the value that can be stored amounting to a maximum of IDR 20 million for registered e-money. On the other hand, PBI 23/6/PBI/2021 regulates the limits of the value that can be stored amounting to a maximum of IDR 10 million for registered e-money;
- PADG 24/7/PADG/2022 specifically stipulates the monthly transaction limits for unregistered and registered e-money: (i) a maximum of IDR 20 million for unregistered e-money; and (ii) a maximum of IDR 40 million for registered e-money. On the other hand, PBI 23/6/PBI/2021 regulates the transaction limits for unregistered and registered e-money amounting to IDR 20 million monthly.
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