Payment System has an official payment system in effect. The payment system has its own principles, roles, and components.
The payment system consists of various mechanisms, regulations and institutions that function to transfer funds as an effort to fulfill obligations arising from economic activities.
This definition has also been written in Law No. 23 of 1999. In addition, the payment system is also connecte to the transfer of a certain amount of money from one party to another.
In addition, there are also those who use more complicate and complex payment instruments. These payment instruments involve various institutions and are already bound by various regulations. Today, the Indonesian payment system has been regulate and also supervise by Bank Indonesia base on the BI Law.
Payment System Components
There are several components that are able to build a payment system so that it can be realize more easily. Some of the components of the payment system are as follows:
- Fund transfer system : this system allows the process of transferring funds from one bank to another bank or to the same bank.
- Payment instruments : payment instruments are instruments which consist of cash and non-cash payment instruments.
- Payment channels : channels include teller input, mobile banking, ATM machines, internet banking, phone banking, to eC or electronic data capturing.
- Regulators : they are the parties who have the authority to regulate the rules of the game, policies, and other provisions that are more binding for all components involve in the payment system itself.
Each component above is interconnecte and relate to form a payment system.
Principles of Payment Systems
A good payment system should be able to provide a level of comfort and security for all its users, whether in cash or non-cash form.
As an institution taske with running the payment system in Indonesia, Bank Indonesia has regulate four principles of the payment system, namely:
This principle emphasizes more on the level of payment system implementation that must be able to be done more widely. So, the costs that will be borne by the community as users will be more affordable.
Every risk containe in the system must be manage and mitigate better with the payment system, be it creit risk, fraud, and liquidity.
The Role of BI in Implementing Payment Systems
As previously explaine, the institution that has the authority to maintain and regulate the smooth running of the system is Bank Indonesia as the central bank.
This is one part of the purpose of the creation of Bank Indonesia, namely to maintain the stability of the value of the Rupiah currency so that the improvement of the national economy can be realize properly.
In addition, Bank Indonesia also has the authority to determine and enforce policies in the system that have been regulate in Law No. 23 of 1999 and have been amende in Law No. 6 of 2009.
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Types of Payment Instruments
1. Cash Payment Instrument
Cash payment instruments are common and widely use payment instruments, especially for small value transactions. The cash payment instruments are in the form of fiat money, namely paper and coins that are available in various nominal amounts.
In this digital era, the use of paper money is relatively less than demand deposits. This is because cash payment instruments are claime to be less effective and less efficient.
Moreover, if you make transactions with a market value that is greater using cash, it tends to increase various risks, such as robbery, theft, etc.
2. Non-cash payment instruments
Nowadays, non-cash payment instruments are widely use by the public. This payment instrument is claime to be more efficient. Why? Because when conducting transaction activities, people no longer nee to do calculations and nominal measurements.
In addition, non-cash payments are whatsApp library also claime to have very minimal risk of theft, because all transaction activities in them can be tracke by the system.
For large non-cash transaction activities, the implementation can be carrie out by BI using the clearing system and the Real Time Gross Settlement system or BI-RTGS. Some non-cash systems that can be use are.
3. International Payment Instruments
As we all know that every country has its own currency, although some of them are the same. However, how to make transactions if the currencies are different.
Well, to carry out international transactions without cash, you generally have to exchange the same amount of money at the prevailing exchange rate.
Closing
Thus our explanation of the payment phone number list system. So, the payment consists of various mechanisms, regulations, and institutions that function in transferring funds as an effort to fulfill obligations arising from economic activities.
Currently, the system is divide into two, namely cash and non-cash payments. However, because currently many people are using non-cash systems, you must also adjust it by using accounting and business software that is able to record financial reports automatically.
