Fresh Breath of Air for E-Wallet Business

Summary

The Deposit Insurance Corporation (LPS) is considering the possibility of guaranteeing electronic money balances. LPS board of commissioners' chairman Purbaya Yudhi Sadewa said that LPS is currently not guaranteeing the balance in the digital wallet or e-wallet. However, LPS may give it a chance due to the massive growth of electronic money users in the country.

Moreover, the current amount of float in the digital wallet sector is increasing. Based on the Payment System Statistics and Financial Market Infrastructure (SPIP) data released by Bank Indonesia (BI), the total float circulating in banks and non-banks reached Rp 9.4 trillion as of May 2022: Rp 5.8 trillion worth of float in banks and Rp 3.58 trillion in non-banks. "So, more and more people use digital money and what they ask is" 'is the e-wallet guaranteed by LPS?'" None of them is, for now," Purbaya said  in a seminar titled "Towards a Cashless Society" on Wednesday.

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