, Indonesia

Indonesia gets e-money payment system

Bank Indonesia will introduce e-money in June.

The central bank said the program will begin as experiment in six provinces: North Sumatra, South Sumatra, East Java, Central Java, East Kalimantan and Bali.

The program will make it easier for users to do transactions. It is also expected to minimize financial crime and circulation of counterfeited money.

Crimes in the financial sector are growing. Until March 2013, fake money worth US$3 million were found in North Sumatra alone.

The e-money program will be launched in cooperation with three cellular phone operators: Telkomsel, Indosat and XL.

 

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