REPUBLIKA.CO.ID, JAKARTA -- Member of the House Commission XI Ecky Awal Mucharam urged Bank Indonesia to review its plan to impose top-up fee on electronic money. He was aware that fintech, including electronic money, needed to be encouraged, but it should not burden the people.

Ecky explained that the development of fintechs could bring financial efficiency and convenience. He considered, the electronic money should be only a cash substitute with equivalent value.

However, if there is an additional cost for getting the electronic money, he assessed it was not an equal currency exchange anymore. He concluded it as monopoly of services.

According to Ecky, the banks have already got benefit from money deposited in the electronic money. He explained that the profit margin from settled money in the bank is high. "And now they want to increase their fee-based income from electronic money top-up fees," he said.

Also read: BI still discussing on electronic money top-up fees

Ecky said it was unappropriate for the banks to burden the cost of payment machines procurement to the consumers. "Even if the electronic money top-up fee imposed was Rp2,000 up to Rp2,500, it still would not be acceptable," he stressed.

The fee might seems small in amount of money. "But, we're talking about a huge number of users and top-up frequency," he said.

In addition, he asserted it will burden people who could only afford to top-up their electronic money as much as Rp50 thousand or Rp100 thousand. "I ask Bank Indonesia and Financial Services Authority (OJK) to review the plan to impose electronic money top-up fees," he said.

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