BCA superapp drives digital transaction growth

Inter-account transfers were the most widely used service, followed by virtual payments.

Digital transactions made through PT Bank Central Asia Tbk’s (BCA) superapp more than doubled to 6.9 billion last year from 2023, spurred by increased smartphone and internet penetration and the continued rise of e-commerce in Indonesia.

“This figure illustrates how digital services have increasingly become an inseparable part of customers’ daily lives,” I Ketut Alam Wangsawijaya told Asian Banking & Finance.

Inter-account transfers at Indonesia’s biggest private bank by assets were the most widely used service, followed by virtual payments involving e-commerce, bills, and e-wallet top-ups, he said on the sidelines of a company event in February.

“Thirdly, QRIS (quick response code Indonesian standard) is frequently used by customers for convenient and secure payments,” Ketut said. As of December 2024, the number of QRIS transactions on the lender’s myBCA superapp had surged almost seven times year on year, he added.

Also fuelling the digital transactions were innovative banking products, including one that lets clients hold savings in 16 foreign currencies and transact overseas without currency conversion fees using a BCA Mastercard debit card.

More Indonesians are also availing themselves of buy now, pay later service. BCA’s pay later service, launched in October 2023, had an outstanding balance of $20m (Rp 339b) at the end of January, an almost threefold increase from a year earlier.

Paylater BCA uses QRIS as the transaction medium. After scanning the QRIS code, customers can choose either their savings account or Paylater as their funding source.

“The system functions like a credit card, allowing customers to complete their purchase first and settle payments according to their chosen scheme,” Ketut said.

As of December 2024, myBCA had 7.7 million registered accounts, with Millennials making up 78% of the total, he said.
In 2024, net income at BCA Digital, BCA’s digital arm, more than doubled to $6.5m (Rp 108b).

“Additionally, the number of bluAccount users grew rapidly, surpassing 2.4 million by the end of 2024,” Yoga T. Susilo, head of corporate planning at BCA Digital, said at the banking event, referring to BCA Digital’s virtual account for teens.