Receh.in - Bank Central Asia (BCA), one of Indonesia's largest banks, has reported a 36% year-on-year increase in credit card transactions worth Rp73 trillion ($5.2 billion) as of the end of November.
The growth has been driven by sectors such as entertainment, travel, and food and beverages (FnB), according to the bank's Executive Vice President for Corporate Communication and Social Responsibility, Hera F. Haryn.
Haryn also noted that the bank expects credit card transactions to increase further due to relaxed policies issued by Indonesia's central bank, Bank Indonesia. These policies include maintaining a maximum credit interest rate of 1.75% per month, extending the minimum payment to 5%, and extending the maximum late payment fee of Rp100,000 until June 2023, rather than December 2022 as previously planned.
"We appreciate the various relaxed credit card policies issued by Bank Indonesia, which are positive in maintaining the momentum of the recovery of the domestic economy amid the challenges," Haryn told Bisnis.
During the Christmas and New Year holiday period, BCA's credit card transactions saw a 21% year-on-year increase, driven by the recovery of economic activity, including tourism. Haryn highlighted that BCA's credit card transactions at merchant locations through electronic data capture (EDC) machines are now faster due to the introduction of contactless technology. By simply bringing a BCA credit card with this feature close to the EDC machine, the transaction is completed.
"BCA will continue to work with various business partners to provide special benefits to meet the diverse needs of customers. We hope that the credit card business will continue to grow in the future," Haryn said.
Overall, credit card volume and value have also seen growth nationally. According to data from Bank Indonesia, credit card transaction volume reached 280.37 million transactions as of October 2022, a 23% year-on-year increase. The value of credit card transactions as of October was Rp260.14 trillion, a 33% increase from the same period the previous year, which was Rp195.12 trillion.
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