“In May 2022, five central bank governors, namely Indonesia, Thailand, Malaysia, Singapore and the Philippines, have been committed to connecting the payment system.”
Jakarta (Indonesia Window) – Indonesia’s central bank, Bank Indonesia (BI), has connected the Quick Response Code Indonesian Standard (QRIS) payment system with a number of countries in ASEAN (the Association of Southeast Asian Nations).
This step is a follow-up to Indonesian President Joko Widodo’s directives to connect Indonesia’s payment system to the world, starting from the ASEAN region.
This was stated by BI’s Governor Perry Warjiyo at the launch of the Domestic Government Credit Card (known as KKP) and the Interstate Quick Response Code Indonesian Standard (QRIS) here on Monday.
“This is a follow-up to the directive of the president, which is to connect Indonesia’s payment system to the world starting from ASEAN. In May 2022, five central bank governors, namely Indonesia, Thailand, Malaysia, Singapore and the Philippines, have been committed to connecting the payment system,” BI’s Governor said.
Perry said, the Interstate QRIS which had been established with Thailand has begun to be fully implemented, and three other countries would follow suit.
“In the near future, with these five countries, we can digitize the QR cross-border payment system with local currency payments, which also supports tourism, MSMEs, and also supports the digital financial economy nationally,” he said.
BI’s governor said that the launch of the Domestic Government Credit Card and Interstate QRIS is part of the commitment of the Indonesian government and BI to accelerate the national economy and digital finance as well as strengthen international cooperation.
“The launch of these two facilities is a tangible manifestation of our shared commitment to unite in accelerating the national economy and digital finance as well as strengthening international cooperation, especially in ASEAN, which is in line with Indonesia’s G20 chairmanship,” Perry said.
QRIS is the unification of various kinds of QR from various Payment System Service Providers (locally known as PJSP) using a QR Code.
QRIS is developed by the payment system industry together with Bank Indonesia so that the transaction process with the QR Code can be easier, faster, and secure.
All Payment System Service Providers that will use the QR Code are required to implement QRIS.
Since its launch in August 2019 to date, over 20 million merchants have used QRIS, and 90 percent of them are Micro, Small and Medium Enterprises (MSMEs).
Reporting by Indonesia Window