This collaboration seeks to improve cross-border financial services for BRI's individual and corporate customers in Indonesia, benefiting over 150 million account holders, including those in remote areas, with modern, real-time payment services. The offering features a diverse range of real-time payment options, accommodating bank account transfers, a worldwide electronic card network, and digital wallets.
These advancements align with BRI's mission to offer affordable and customer-centric financial products, especially for communities that have been previously underserved.
Cross-border payments in Indonesia are expected to experience substantial growth, with a projected annual increase of 15% leading up to 2025. Furthermore, this collaboration between BRI and Nium aims to change how Indonesians interact with global financial services. It addresses the increasing demand for contemporary payment infrastructure while improving the overall experience for BRI's customers during their international transactions.
Officials from Nium stated that by incorporating Nium's technology into BRI's platform, they are committed to offering BRI's customers, regardless of their location, access to financial services. This collaboration aims to eliminate the risks linked to cash handling while ensuring quicker and more affordable transactions, whether individuals are transferring funds to relatives overseas or businesses are conducting international payments.
Cross-border payments are changing as technology continues to evolve and upgrade financial systems. The adoption of digital payment platforms and blockchain is making transactions faster, more secure, and more efficient. This transformation is particularly beneficial for individuals and businesses engaged in international trade, as it reduces costs and minimises the complexities traditionally associated with cross-border financial exchanges.
Moreover, the Indonesian government is actively supporting this shift by implementing regulatory frameworks that encourage the growth of fintech solutions while ensuring consumer protection. This has led to an ecosystem where local startups and established financial institutions collaborate to offer services tailored to the needs of the population.
As a result, cross-border payments in Indonesia are becoming more accessible to a wider range of people, fostering economic growth and strengthening connections with global markets.
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