Banking - The value of shopping transactions using electronic money in 2023 increased

Banking - The value of shopping transactions using electronic money in 2023 increased The use of electronic money shows a positive trend in 2023. This is reflected in Bank Indonesia (BI) data which records the value of shopping transactions via electronic money reaching IDR 166.60 trillion as of October 2023, or up 5% from the previous month, and up 25 % on an annual basis. In line with this, a number of Indonesian banks also recorded growth in the value of electronic money transactions last year. Bank Mandiri (BMRI), for example, throughout 2023 recorded the use of e-money transactions increasing by 10% YoY from the previous year, or reaching more than IDR 22 trillion. Another proven data also came from Bank Central Asia (BBCA) which also recorded the development of Flazz BCA electronic money transactions with positive growth until the end of 2023. (Source: Kontan) Comment: BMRI and BBCA are only the two examples from bank under our coverage. This year, we believe all bank under our radar will record better digital transaction. Continuing lifestyle changes and strategy to strengthened various digital product will become the main catalyst, while customer experience remain the main key. Maintain our OW stance for banking sector with BBNI and BBRI as the top pick.