Pembayaran Digital & Fintech: Indonesia (2026)
Indonesia operates a mature, dedicated licensing regime for digital payments and fintech split between Bank Indonesia (BI) — which licenses Payment Service Providers (PJPs), Payment System Infrastructure Operators (PIPs), and e-money issuers — and OJK, which authorises P2P lending platforms, BNPL providers, and other non-bank financial services. A comprehensive rewrite (BI Regulation 10/2025 issued 24 December 2025, effective 31 March 2026) consolidates the payment-system rules and introduces the TIKMI risk-based classification framework. Instant payments run via BI-FAST and QRIS, and open-banking APIs are standardised under BI's SNAP framework.
Kerangka kerja utama
Dual-regulator regime: Bank Indonesia (payments/e-money) under PBI 23/6/PBI/2021 on Payment Service Providers (to be superseded by PBI 10/2025 effective 31 March 2026) and PBI 20/6/PBI/2018 on Electronic Money; Otoritas Jasa Keuangan (OJK) supervises fintech lending under POJK 40/2024 and BNPL under POJK 32/2025.
Poin utama
Payment Service Provider licensing (BI)
Bank Indonesia licenses Payment Service Providers (PJPs) and Payment System Infrastructure Operators (PIPs) under PBI 23/6/PBI/2021 and PBI 23/7/PBI/2021. From 31 March 2026 these will be consolidated under Bank Indonesia Regulation No. 10 of 2025, which classifies providers as 'Main' or 'Non-Main' PSPs based on the five-factor TIKMI assessment (Transaction, Interconnection, Competence, Risk Management, IT Infrastructure). Existing licensees receive a three-year (extendable by two) transition to meet the new requirements.
Electronic money issuers
E-money is regulated by BI Regulation No. 20/6/PBI/2018. Non-bank e-money issuers must hold at least Rp 3 billion of paid-up capital (scaling with float held), licences are valid for five years, and issuers are classified between closed-loop and open-loop. E-money will be brought within the consolidated PJP framework once PBI 10/2025 takes effect.
P2P lending / fintech lending (OJK)
OJK licenses Information Technology-Based Peer-to-Peer Lending services (LPBBTI) under POJK 40/2024 (effective 27 December 2024), which replaced POJK 10/2022. Licensees must reach IDR 12.5 billion in equity by 4 July 2025, maintain a 120% liquidity ratio and NPL below 5%, and observe daily interest-rate caps (e.g. 0.275%/day for short-tenor consumptive loans from 1 January 2025). Implementation guidance was issued in Circular Letter No. 19/SEOJK.06/2025 on 31 July 2025.
Buy Now Pay Later (BNPL)
OJK Regulation No. 32 of 2025, promulgated and effective 15 December 2025, is the first dedicated BNPL framework. It restricts provision to commercial banks and OJK-approved financing companies, defines six cumulative characteristics of a BNPL product, and gives existing providers until 15 June 2026 to comply.
Instant payments and QR standard
Bank Indonesia operates BI-FAST, the domestic real-time retail payment infrastructure launched in December 2021, alongside QRIS (Quick Response Code Indonesian Standard) as the mandatory national QR-payment standard for all PJPs. Both are anchored in BI's Payment System Blueprint 2025.
Open banking (SNAP)
Open banking follows BI's Standar Nasional Open API Pembayaran (SNAP), launched in 2022 as the mandatory national open-API standard for payments. Phase 2 (2024–2025) extends APIs into lending, digital identity, and transaction categorisation via regulated sandboxes, complementing BI-FAST rails.
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