cashless transaction

You must be familiar with E-Wallet and E-Money, or are you even a second user? Then, if you already know the difference E-Wallet and E-Money in payment transactions?

There are two types of electronic money. First, electronic money in the form of a card (Chip Based) or commonly known as e-money. Such as BCA Flazz, Mandiri e-money, BNI Tap Cash, BRI Brizzi, BTN Blink, Mega Cash, Nobu e-money, DKI Bank DKI Card and others.

Second, is e-wallet. This electronic money is application based (server based). T-CASH belongs to this group. TCASH is not the only e-Wallet product in Indonesia nor is XL Cash. XL Cash is also something like, among others, to pay various bills such as prepaid and postpaid PLN tokens, airplane tickets, TV subscription, insurance. Also for online-offline shopping, cash disbursement, and top up.

E-Wallet and E-Money are electronic money that is used as a means of payment. Although both electronic money, E-Wallet and E-Money are different. Starting from the maximum amount of balance to how to use it is different.

The all-digital era requires people to have electronic money payment instruments provided by banks or cellular operator companies. Electronic money has slowly supported many daily needs, especially in urban communities whose demand trends continue to increase.

Based on Bank Indonesia statistical data, the amount of electronic money that has been circulating until November 2017 reached 113 million instruments of type e-money or e-wallet. This number increased significantly from the initial position of 2017 which was only 52 million electronic money instruments. The amount includes 26 types of electronic money issued by 26 different publishing companies.

The number of electronic money transactions also jumped significantly during October and November 2017. However, this was more due to the non-cash transaction rules on toll roads. Some card-based electronic money is also selling well, especially Mandiri e-money. Meanwhile, e-wallets such as TCASH do not seize any opportunity because its function is not yet able to serve non-cash transactions at toll booths.

Understanding E-Money

beda ewalet dan emoney

Which of you carry E-Money everywhere? If you take the busway, KRL or take a car via the toll road everyday, you must have E-Money. E-Money is a card-based electronic money (chip-based) that is usually issued by banks. E-Money is often used directly at offline merchants such as shopping at minimarkets, paying Transjakarta, KRL, paying tolls, parking, and others.

Some of the E-Money currently on the market include:

Flazz BCA

Mandiri e-Money

BNI TapCash

Nobu e-Money

Brizzi BRI

If you transact using the E-Money balance of money that is in the E-Money will be instantly reduced. Usually the maximum balance in E-Money is Rp1 million. Replenishment of the E-Money balance can be done at ATMs, EDC machines, retail outlets, and bank branches concerned. In terms of security, E-Money tends to be more risky because it does not have security features and can be used by others.

Understanding E-Wallet

Now, if the E-Wallet is a virtual wallet. Examples of E-Wallet currently on the market include Go-Pay, OVO, DOKU, and LinkAja.

For its own definition, E-Wallet is server-based electronic money. Server-based electronic money in the process of using it must first be connected to the internet. When compared to E-Money, E-Wallet uses the application in its use. E-Wallet is often used for online transactions such as paying BPJS bills online, electricity tokens, pay TV bills, buying credit, and much more.

Just like E-Money, to transact using E-Wallet you must fill the balance first. If you make a transaction using an E-Wallet, your E-Wallet balance will automatically decrease. You can top up your E-Wallet balance via ATM, Internet Banking, Mobile Banking, and so on. In addition, E-Wallet products also often offer various discount and cashback promos.

In terms of security, E-Wallet is safer compared to E-Money because activation is done based on the user’s mobile number and pin. So, not just anyone can use our E-Wallet. For example, our mobile phones are left behind, then some ignorant people want to use our OVO for payment transactions, as long as our OVO PIN is unknown to others, our OVO account remains safe.

E-Wallet Vs. E-money

Now, after you know the meaning of both, what’s the difference between E-Wallet and E-Money?

E-Wallet E-money
Application Card
Online Offline
More often used for online shopping and offline retail outlets More widely used for daily transactions
There are often discount and cashback promos There is rarely a promo discount and cashback
Balance can be more than Rp1 million Maximum balance of Rp1 Million

Electronic Money Registered at Bank Indonesia

The following is a list of electronic money that has been registered with Bank Indonesia:

  • PT Artajasa Electronic Payment (MYNT E-Money)
  • PT Bank Central Asia Tbk (Sakuku and Flazz)
  • PT Bank CIMB Niaga (Mobile Account)
  • PT Bank DKI (Jakarta One / JakOne and JakCard)
  • PT Bank Mandiri (Persero) Tbk (Mandiri e-Cash and Mandiri e-Money)
  • PT Bank Mega Tbk (Mega Virtual and Mega Cash)
  • PT Bank Negara Indonesia (Persero) Tbk (UnikQu and TapCash)
  • PT Nationalnobu Bank (Nobu e-Money)
  • PT Bank Permata (BBM Money)
  • PT Bank Rakyat Indonesia (T bank and Brizzi)
  • PT Finnet Indonesia (FinnChannel)
  • PT Indosat, Tbk (PayPro / Dompetku)
  • PT Nusa Satu Inti Artha (DokuPay)
  • PT Skye Sab Indonesia (Skye Mobile Money and SkyeCard)
  • PT Telekomunikasi Indonesia, Tbk (Flexy Cash and iVas Cards)
  • PT Telekomunikasi Seluler (T-Cash and Tap Izy)
  • PT XL Axiata, Tbk (XL Cash)
  • PT Smartfren Telecom Tbk (My Money)
  • PT Dompet Anak Bangsa (GoPay)
  • PT Witami Cash Mandiri (TrueMoney)
  • PT Espay Debit Indonesia Koe (Dana)
  • PT Bank QNB Indonesia Tbk (Dooet)
  • PT BPD Sumsel Babel (BSB Cash)
  • PT Buana Media Teknologi (Voucher Warehouse)
  • PT Bimasakti Multi Sinergi (Speed ​​Cash)
  • PT Visionet Internasional (OVO Cash)
  • PT Inti Dunia Sukses (iSaku)
  • PT Veritra Sentosa Internasional (Paytren)
  • PT Solusi Pasti Indonesia (KasPro)
  • PT Bluepay Digital Internasional (Bluepay)
  • PT Ezeelink Indonesia (Ezeelink)
  • PT E2Pay Global Utama (M-Pay)
  • PT Cakra Ultima Sejahtera (DUWIT)
  • PT Airpay International Indonesia (SOPEEPAY)
  • PT Bank Sinarmas (Simas E-Money)
  • PT Artha Gemilang Transactions (OttoCash)
  • PT Fintek Karya Nusantara (LinkAja).

Behind a number of advantages in terms of security, e-wallet can only be used in a mobile phone, so the availability of cell phone batteries will be very important for users of this e-money facility.

For consumers the presence of various forms of e-money is certainly beneficial to be able to freely make choices. However, there is homework that must be answered by the providers, how to provide electronic money services that can answer various needs of consumers who are increasingly complex in one choice.

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