REGULATION OF BANK INDONESIA

No. 16/8 / PBI / 2014

ABOUT
CHANGES TO THE BANK INDONESIA
No. 11/12 / PBI / 2009 CONCERNING
ELECTRONIC MONEY (ELECTRONIC MONEY)

BY THE GRACE OF GOD ALMIGHTY

GOVERNOR OF BANK INDONESIA,
Considering:
a. that the provision of electronic money needs to be harmonized the provision of transfer of
funds;
b. that in order to support the growth of the industry electronic money healthy the need for
increased security and efficiency technology implementation of electronic money;
c. that in order to support the inclusive finance necessary to expand access to the public to
obtain the payment system services and finance by increasing the use of electronic money
as an instrument in Digital financial services;
d. that based on consideration as referred to in letters a, b, and c above, make changes on
Bank Regulation Indonesia Number 11/12 / PBI / 2009 on Money Electronics (Electronic
Money);

Given:
1. Act No. 7 of 1992 on Banking (State Gazette of the Republic of Indonesia 1992 No. 31, State
Gazette Republic of Indonesia Number 3472) as be modified with Law Number 10 Year
1998 on the Amendment Law Act No. 7 of 1992 concerning Banking (State Gazette of the
Republic of Indonesia Year 1998 Number 182, Supplement to State Gazette Indonesia
Number 3790);
2. Act Number 23 of 1999 concerning Bank Indonesia (State Gazette of the Republic of
Indonesia

1999 Number 66, State Gazette

Republic of Indonesia Number 3843) as

amended by Law Law No. 6 of 2009 regarding the Stipulation Government Regulation in
Lieu of Law Number 2 Year 2008 concerning the Second Amendment Act No. 23 of 1999
concerning Bank Indonesia became Act (Gazette The Republic of Indonesia Year 2009
Number 7, Additional State Gazette of the Republic of Indonesia No. 4962);

3. Law Number 21 Year 2008 on Islamic Banking (State Gazette Indonesia Year 2008 Number
94, Supplement State Gazette of the Republic of Indonesia Number 4867);
4. Law No. 3 of 2011 on Transfer Fund (State Gazette of the Republic of Indonesia Year 2011
Number 39, State Gazette Republic of Indonesia Number 5204);

DECIDED:
Assign:
BANK INDONESIA REGULATION CONCERNING THE AMENDMENT BANK INDONESIA REGULATION
NUMBER 11/12 / PBI / 2009 ON MONEY ELECTRONIC
(ELECTRONIC MONEY).

Article I
Several provisions in Bank Indonesia Regulation Number 11/12 / PBI / 2009 on Electronic Money
(Electronic Money) (Gazette The Republic of Indonesia Year 2009 Number 65, Supplement The
Republic of Indonesia Number 5001) is amended as follows:
1. The provisions of Article 1 is amended to read as follows:

Article 1
In this Bank Indonesia Regulation is defined as:
1. Bank is a bank as defined in the Act which regulates banks, and Islamic banks as referred
to in the Act that governs about Islamic banking.
2. Institutions Non-Bank is the legal entity Bank Indonesia not.
3. Electronic Money (Electronic Money) is a payment instrument meets the elements as
follows:
a. issued on the basis of the value of money paid in advance to the issuer;
b. value for money is stored electronically in a medium server or chip;
c. used as a means of payment to merchants not an electronic money issuer; and
d. the value of electronic money managed by the issuer not the deposit referred to in
the enactment laws governing banking.
4. Electronic Money Value is the value of the money saved in electronics on a media server or
chip that can transferred for the benefit of the payment transaction and / or transfer of
funds.

5. Principal is a Bank or Non-Bank Institution that responsible for managing the system and /
or network among its members, which acts as a publisher and / or acquirer, the Electronic
Money transaction cooperation with members based on a written agreement.
6. Publisher is a Bank or Non-Bank Institution that issue Electronic Money.
7. The Acquirer is a Bank or Non-Bank Institution that:
a. working with merchants so traders capable of processing transactions from
Electronic Money issued by parties other than the acquirer concerned; and
b. responsible for the settlement of payments to traders.
8. Holder is the party that uses the Electronic Money.
9. Traders (merchant) is the seller of goods and / or services accept payment transactions
from the holder.
10. Refueling (top up) is the addition of the Value of Money Electronics on Electronic Money.
11. Float Fund is the entire value of Electronic Money received Publishers on the proceeds of
the Electronic Money and / or Refueling (top up) are still obliged Publisher Holders and
Traders.
12. Pull Cash is cash withdrawal facility on the Value of Money Electronics that can be made at
any time by the holder.
13. Clearing is a Bank or Building Society Bank that perform calculations rights and financial
liabilities each of the Issuer and / or the Acquirer in order Electronic Money transaction.
14. The organizer is the Final Settlement Bank or Building Society In addition the Bank is doing
and is responsible for final settlement of the rights and obligations of each financial each
Issuer and / or the Acquirer in order transaction Money Electronics based on the
calculation of the Operator Clearing.
15. Financial Services Digital hereinafter referred LKD is activity services and financial payment
systems conducted through cooperation with third parties as well using the means and
devices based on mobile technologies and web-based in order to inclusive finance.
16. Agent LKD is a third party in cooperation with Publisher and acting for and on behalf of the
Issuer in giving LKD.

2. Between Article 1 and Article 2, 1 (one) article, namely Article 1A to read as follows:
Article 1A
(1) Based on the data recording the identity of the Holder, Money Electronics can be divided
into two (2) types, namely:

a. Electronic Money identity data registered holder and recorded on the Publisher
(registered); and
b. Electronic money is not the holder of identity data listed and not listed on the Publisher
(unregistered).
(2) Facilities can be provided by the Electronic Money Issuer type registered as referred to in
paragraph (1) letter a, such as:
a. Holders of registration;
b. Refueling (top up);
c. Payment transaction;
d. Payment of bills;
e. Transfer of funds;
f. Cash Withdrawal;
g. Channeling government assistance programs to the public; and / or
h. Other facilities based on the approval of Bank Indonesia.
(3) Facilities that can be provided by the Electronic Money Issuer type unregistered referred to
in paragraph (1) letter b, form:
a. Refueling (top up);
b. payment transaction;
c. payment of bills;
d. Other facilities based on the approval of Bank Indonesia.

3. The provisions of Article 5 are amended to read as follows:

Article 5
(1) The activity of the Issuer can be done by the Bank or Institutions Bank.
(2) Bank which will act as Issuer as referred to in paragraph (1) shall obtain a license as a
Publisher from Bank Indonesia.
(3) Institute of Non-Bank will act as Issuer as referred to in paragraph (1) shall obtain a permit
as Issuer of Bank Indonesia if:
a. Float funds managed has reached a certain value; or
b. Float funding is planned to reach a certain value.
(4) In the case of Non-Bank Institution as referred to in paragraph (3) will provide fund transfer
facility through Money Electronic published the Institute for the Bank shall meet the
requirements of Electronic Money Issuer which has a fund transfer facilities.

(5) Further provisions on the requirements and procedures for the obtain a license as Issuer
referred to in paragraph (2), paragraph (3), and paragraph (4), including provisions on value
Float funds referred to in paragraph (3) shall be Bank Indonesia Circular Letter.

4. Between Article 9 and Article 10 inserted 2 (two) articles, namely Article 9A

and Article 9B to read as follows:
Article 9A
(1) license as Principal, Issuer, Acquirer, Clearing, and / or Final Settlement Operator which is
given by Bank Indonesia as referred to in Article 9 applies for a period of 5 (five) years and
can extended by Bank Indonesia.
(2) During the period of enactment permit referred in paragraph (1), Bank Indonesia conduct
an evaluation of the permit Electronic Money implementation that has been given to the
consider at least:
a. level optimization and development activity Electronic Money implementation;
b. the level of compliance Principal, Issuer, Acquirer, Organizers Clearing, and / or Final
Settlement Operator against applicable provision; and / or
c. aspects of consumer protection.
(3) The results of the evaluation referred to in paragraph (2) into the base consideration for
Bank Indonesia to set policies related permits have been granted.
(4) Policies of the permission granted by Bank Indonesia as referred to in paragraph (3) in the
form of:
a. revocation of a license;
b. shorten the period of validity of licenses; and / or
c. limiting the implementation of Electronic Money activity.
(5) Further provisions on the requirements and procedure license renewal, and evaluation
procedure licensing Electronic Money implementation regulated by Circular Letter Bank
Indonesia.

Article 9B
(1) Bank Indonesia has the authority established a policy restriction gift permit as Principals,
Publishers, Acquirer, Clearing, and / or Operator Settlement End.

(2) In the framework of the policy of limiting the granting of licenses as referred to in
paragraph (1), Bank Indonesia has the authority to close and reopen licensing as Principal,
Issuer, Acquirer, Clearing, and / or Operator Final Settlement.
(3) The policy restrictions and reopening licensing as referred to in paragraph (2) is based on
considerations such as maintaining national efficiency, support national policies, safeguard
the public interest, keeping industrial growth, and maintaining competition healthy.

5. The provisions of Article 11 are amended to read as follows:

Article 11
(1) Principal, Issuer, Acquirer, Clearing, and / or Final Settlement organizers who have obtained
a permit Bank Indonesia can only cooperate with the Principal, Issuer, Acquirer, Clearing,
and / or Operator Final settlement which has obtained a license from the Bank Indonesia.
(2) Principal, Issuer, Acquirer, Clearing, and / or Final Settlement organizers can work with the
other party in respect of the activities of Money Electronics.
(3) To cooperate with other parties referred to in paragraph (2) which is carried out in the
framework of the provision of services general, conducted exclusively prohibited.

6. Between Article 11 and Article 12 inserted 2 (two) articles, namely Article 11A and Article 11B,
to read as follows:
Article 11A
(1) Publisher's cooperation with other parties referred to in Article 11 paragraph (2) can be
carried out in order to:
a. the provision of facilities in the form of Electronic Money:
1. The facilitator registration holder;
2. Refueling (top up);
3. The payment of bills;
4. Pull Cash;
5. channeling government assistance programs to community; and
6. The other facilities based on the approval of Bank Indonesia.
b. provision means and infrastructure supporter Electronic Money implementation.
(2) The other party in the framework of cooperation with the Publisher Electronic Money
supply facility as referred to in paragraph (1) letter a form of:
a. organizing the transfer of funds; or

b. Indonesian legal entity.

(3) The Operator transfers of funds referred to in paragraph (2) letter a shall meet the
requirements at least as following:
a. has obtained a license from Bank Indonesia;
b. placing a deposit in the amount corresponding Publisher Publisher defined; and
c. pass the due diligence process (due diligence) by the Issuer.
(4) A business company incorporated in Indonesia as intended in paragraph (2) letter b shall
meet the requirements of at least as follows:
a. have the ability, reputation, and integrity in the area operations;
b. has been conducting business for at least 2 (Two years;
c. placing a deposit in the amount corresponding Publisher Publisher defined; and
d. pass the due diligence process (due diligence) by the Issuer.
(5) The Issuer shall ensure compliance with the requirements of the other party in cooperation
with the Issuer as described in Paragraph (3) and (4).
(6) The implementation of cooperation with the other parties obligated Publisher reported to
Bank Indonesia.
(7) Further provisions on cooperation mechanisms Publishers with the other party and the
procedures for submission of a report to the Bank Indonesia is regulated by Bank Indonesia
Circular Letter.
Article 11B
If an Issuer in cooperation with other parties to do Holders registration as referred to in Article
11A paragraph (1) letter a number 1, the following provisions shall apply:
a. registration approval holder remains the authority and Publisher's responsibilities; and
b. Publishers and others who cooperate with the Issuer shall applying the principles of antimoney laundering and prevention financing of terrorism, as well as consumer protection
set in the legislation in force.

7. Between Article 12 and Article 13 is inserted 1 (one) article, namely Article 12A to read as
follows:
Article 12A
(1) The issuer may charge a service fee facilities Money Electronics to the Holder.
(2) Cost of services that can be charged by the Issuer to Holder referred to in paragraph (1) in
the form of:

a. media replacement costs for the use of Electronic Money first or media replacement
Electronic Money damaged or lost;
b. Refueling costs (top up) through another party in cooperation with the publisher or
using delivery channel other parties;
c. Pull Cash costs through other parties that cooperate the Issuer or using delivery
channels parties another; and / or administrative costs for Electronic Money is not used
within a certain period.
(3) If an Issuer will charge a service fee to the Holder referred to in paragraph (1) and
paragraph (2), Publisher shall inform in a clear and transparent to the Holder.
(4) Further provisions on the charging mechanism services and the amount of the maximum
service fee imposed by the Issuer to the Holder is set to Letter Bank Indonesia Circular.

8. The provisions of Article 13 are amended to read as follows:

Article 13
(1) The Issuer is prohibited to issue Electronic Money Money Rated Electronic larger or smaller
than the value of money remitted to the Issuer.
(2) If an Issuer to manage Electronic Money Value and management of value equal to the
value of money, apply provisions:
(1) recording and / or management of Electronic Money Value should separated from the
recording and / or management value equivalent to the value of other currencies; and
(2) a value equivalent to the value of money can not be converted be the Electronic Money
Value.

9. Between Article 13 and Article 14 is inserted 1 (one) article, namely Article 13A to read as
follows:
Article 13A
(1) The value of money deposited into the Electronic Money should be able to used or
transacted entirely up is zero.
(2) Electronic Money Issuer prohibited:
a. setting a minimum value as an Electronic Money:
1. The terms of use of Electronic Money; and / or
2. The terms of termination of the use of Electronic Money
b. detain or block the Electronic Money Value basis unilateral; and / or

c. charge termination of the use of Electronic Money

10. The provisions of Article 16 are amended to read as follows:

Article 16
(1) Electronic Money that can provide fund transfer facility is a registered Electronic Money
and processed online.
(2) Publishers that provides fund transfer facility through Money Electronic Cash Withdrawal
shall provide facilities.
(3) In order to provide Cash Withdrawal facility as referred to in paragraph (2), the Issuer may
cooperate with cash cashing place as stipulated in the transfer of funds.
(4) The implementation of the transfer of funds via the Electronic Money besides subject to
this Bank Indonesia Regulation shall also subject to the laws and regulations related to the
applies.

11. The provisions of Article 24 are amended to read as follows:

Article 24
(1) Principal, Issuer, Acquirer, Clearing, and / or Final Settlement organizers must:
a. using a system that is safe and reliable;
b. maintain, improve security technology Money Electronics, and / or replace
infrastructure and systems Electronic money with safer;
c. have written policies and procedures (standard operating procedure) Electronic Money
activity implementation; and
d. maintaining the security and confidentiality of data.
(2) In order to meet the obligations referred to in paragraph (1), Principal, Issuer, Acquirer,
Clearing, and / or Final Settlement Operator shall implement information technology audit
on a regular basis and report results The information technology audit to Bank Indonesia.
(3) Further provisions on security technology as referred to in paragraph (1), the
implementation of the audit and governance way of reporting results as information
technology audit referred to in paragraph (2), regulated by Circular Letter Indonesia.
12. Between Article 24 and Article 25 is inserted 1 (one) article, namely Article 24A to read as
follows:
Article 24A
(1) Bank Indonesia has the authority to request reports:

a. Electronic Money organizers have not obtained a license Bank Indonesia; and
b. organizing non-cash payment instruments in the form of stored value.
(2) Further provisions on reporting as referred to in paragraph (1) shall be regulated by
Circular Letter Indonesia.

13. Among Chapter VI and Chapter VII, 1 (one) Chapter, namely Chapter VIA to read as follows:
CHAPTER VIA
IMPLEMENTATION OF FINANCIAL SERVICES DIGITAL
Part One
Execution

Article 24B
(1) The issuer may organize LKD.
(2) The LKD by Publisher conducted through cooperation with Agent LKD.

Article 24C
LKD agency referred to in Article 24B paragraph (2) may form:
a. organizing the transfer of funds or legal entity Indonesia as referred to in Article 11A (2);
and / or
b. individual.

Part Two
Operator requirements through Agent LKD LKD Individuals
Article 24D
(1) Implementation of LKD LKD through individual agents can only be conducted by the Issuer
in the form of the Bank.
(2) The Issuer is a Bank as referred to in paragraph (1) shall meet the following requirements:
a. Indonesian legal entity;
b. Commercial Bank category by Business Activity (BOOK) 4 corresponding period last
assessment by the supervisory authority Bank;
c. Publishers have become at least 2 (two) years; and
d. meet the operational requirements set by the Bank Indonesia.

(3) Issuer Bank will be held LKD through LKD individual agent shall submit to Bank Indonesia
plan implementation of the activities through the Agent LKD LKD individual.
(4) Bank Indonesia provides confirmation of the plan implementation of the activities through
the Agent LKD LKD individuals delivered by the Issuer in the form of Bank referred in
paragraph (3).
(5) The assertion of Bank Indonesia as referred to in paragraph (4) given after consideration
received from authorities Bank supervision.
(6) Further provisions on the requirements, delivery LKD implementation plan through
individual LKD Agent, and Bank Indonesia confirmation regulated by Circular Letter
Indonesia.

Part Three
LKD agents Individuals
Article 24E
(1) Agent LKD individuals must meet the requirements of at least as follows:
a. have the ability, reputation, and integrity in the area operations;
b. has the ongoing efforts by business location keep at least 2 (two) years;
c. pass the due diligence process (due diligence) by the Issuer in the form Bank; and
d. placing a deposit with the amount defined in accordance Publishers in the form of the
Bank.
(2) Electronic Money that could be used in the administration Agent LKD LKD through the
individual is registered Electronic Money and processed online.
(3) Service which can be done by individual LKD Agent include:
a. Holders registration facilitator;
b. Refueling (top up);
c. payment of bills;
d. Cash Withdrawal;
e. channeling government assistance programs to the public; and
f. Other facilities based on the approval of Bank Indonesia.
(4) Further provisions on the requirements of individual LKD Agent and services that can be
carried by an individual LKD Agent set Bank Indonesia Circular Letter.

Part Four

Obligations and Responsibilities Organizers LKD

Article 24F
(1) Publisher that will hold through the Agent LKD LKD must submit to the Bank Indonesia
plans implementation of the activities through the Agent LKD LKD.
(2) The Issuer shall be responsible for all activities that performed by the Agent LKD.
(3) The Issuer shall ensure compliance LKD Agent as referred to in Article 11A paragraph (3),
Article 11A paragraph
(4) and Article 24E paragraph (1).

Article 24G
(1) Publisher in cooperation with the Agency shall LKD submit a report on the activities of the
Bank LKD Indonesia periodically.
(2) Further provisions on reporting as referred to in paragraph (1) shall be regulated by
Circular Letter Indonesia.

14. Between Article 25 and Article 26 is inserted 1 (one) article, namely Article 25A to read as
follows:
Article 25A
Bank or Non-Bank Institutions that apply Bank Indonesia to obtain a license as Principal, Issuer,
Acquirer, Clearing, and / or Operator Final settlement must first obtain:
a. permit or approval from the supervisory authority of the Bank to the Bank; or
b. the written recommendation of the Non-Bank Institution supervisory authority for the
Institute Bank.

15. The provisions of Article 33 are amended to read as follows:

Article 33
(1) Principal, Issuer, Acquirer, Clearing, and / or Final Settlement organizers who violate the
provisions of Article 3, Article 4, Article 7, Article 9, Article 11, Article 11A, Article 11B,
Article 12, Article 12A paragraph (3), Article 13, Article 13A, Article 14, Article 15, Article 16,
Article 17, Article 18, Article 21, Article 22, Article 24, Article 24D, Section 24F, 24G Article,
Article 29 and / or Article 50 subject to administrative sanctions in the form of:
a. a reprimand;
b. fines;

c. temporary suspension of part or all of the activities Money Electronics; and / or

d. Electronic Money revocation of the operating license.
(2) Further provisions on the procedure for the imposition of sanctions and the amount of the
fine referred to in paragraph (1) shall be Bank Indonesia Circular Letter.

16. Article 34 is deleted.

17. Article 35 is deleted.
18. Article 36 is deleted.
19. Article 37 is deleted.
20. Article 38 is deleted.
21. Article 40 is deleted.
22. Article 41 is deleted.
23. Article 42 is deleted.
24. Article 43 is deleted.
25. Article 44 is deleted.
26. Article 45 is deleted.
27. Article 46 is deleted.
28. The provisions of Article 47 are amended to read as follows:
Article 47
(1) In addition to in order to sanction referred in Article 33, Bank Indonesia has the authority:
a. asked Principal, Issuer, Acquirer, Clearing, and / or Final Settlement Operator to do and
/ or does not perform certain activities;
b. suspend part or all of the activities Principal, Issuer, Acquirer, Clearing, and / or
Organizers Final Settlement;
c. cancel the permission has been given as Principal, Publishers, Acquirer, Organizer
Clearing, and / or Organizers Final Settlement; or
d. Electronic Money revoke permissions that have been granted as Principal, Issuer,
Acquirer, Clearing and / or Final Settlement organizers.
(2) The authority of Bank Indonesia to implement matters referred to in paragraph (1) is based
on conditions, among others:
a. Bank Indonesia supervision result indicating that Principal, Issuer, Acquirer, Clearing,
and / or Organizer Completion End not can Electronic Money well organized;

b. an evaluation of the operating license Electronic Money has been given to Principals,
Issuer, Acquirer, Organizers ... Clearing, and / or Operator Settlement End as referred to
in Article 9A;
c. there is a demand for the authorities to Bank Indonesia to suspend activities of the
Principal, Publishers, Acquirer, Organizer Clearing, and / or Final Settlement organizers,
in order to support legal process;
d. there is a recommendation from the competent supervisory authority Bank Indonesia
to suspend Principal activities, Issuer, Acquirer, Clearing, and / or Final Settlement
Operator;
e. the competent supervisory authority has revoked the business license and / or
terminate the operations of the Bank or Institution In addition to conducting Bank as
Principal, Publishers, Acquirer, Organizer Clearing, and / or Organizers Final Settlement;
or
f. the request for cancellation and / or revocation of licenses that is filed by the Bank or
Building Society Bank which has obtained a license from Bank Indonesia.
(3) In order to ensure the correctness of the reports submitted and ensure compliance with
the provisions of the implementation of Money Publishers electronics by conducting LKD,
Bank Indonesia may request reports, information, and / or data, including direct
examination (on-site visit) against Agent LKD.
(4) Further provisions on the procedure of implementation Bank Indonesia authority as
referred to in paragraph (1) and paragraph (3) shall be regulated by Bank Indonesia Circular
Letter.
Article II
1. Application for a license as Principal, Issuer, Acquirer, Organizers Clearing, and / or Final
Settlement Operator submitted before the enactment of this Bank Indonesia Regulation is
subject to Bank Indonesia Regulation Number 11/12 / PBI / 2009 on Money Electronics
(Electronic Money) and Bank Indonesia Circular Letter No. 11/11 / DASP dated April 13,
2009 on Electronic Money (Electronic Money).
2. Permits as Principal, Issuer, Acquirer, Clearing, and / or Final Settlement Operator which
has been given before the enactment of this Bank Indonesia Regulation, remain valid
within a maximum period of 5 (five) years, starting from the enactment of this Bank
Indonesia Regulation.

3. Principal, Issuer, Acquirer, Clearing, and / or Final Settlement organizer who has worked
with Other parties in the provision of public services performed exclusively before the
enactment of this Bank Indonesia Regulation shall remain valid until the expiration of labor
agreements the same.
4. Regulation of the implementation of this Bank Indonesia Regulation shall be Further in
Bank Indonesia Circular Letter.
5. Bank Indonesia Regulation shall come into force on the date promulgation.
In order ...

For public cognizance, it is ordered Bank Indonesia Regulation be promulgated in the

Gazette The Republic of Indonesia.
Enacted in Jakarta
On 8 April 2014
GOVERNOR OF BANK INDONESIA,
AGUS DW MARTOWARDOJO
Promulgated in Jakarta
On 8 April 2014
MINISTER OF JUSTICE AND HUMAN RIGHTS
REPUBLIC OF INDONESIA,
AMIR SYAMSUDIN

GAZETTE OF THE REPUBLIC OF INDONESIA OF 2014 NUMBER 69 DKSP