- On 27 May 2019, Bank Indonesia (“BI”) launched the so-called Quick Response Code Indonesia Standard (“QRIS”), which is set to become the standard for all payment activities that utilize QR Codes, a method of payment which is becoming increasingly popular in Indonesia.
- BI Governor, Perry Warjiyo, issued a statement recently which explained that QRIS should enable all QR Code payments to be connected and to enjoy interoperability through the use of a single standardized QR code system. As a pilot project, BI will introduce QRIS via several model partners and merchants during the second semester of 2019.
- The launch of QRIS is in line with the five visions which are set out under the 2025 Indonesia Payment System program, specifically: 1) Growing the digital economy and digital finance; 2) Supporting the digitization of banking institutions; 3) Ensuring interconnectivity between financial technologies and the banking sector; 4) Ensuring a balance between innovation and consumer protection; and 5) Ensuring the national interest in relation to all cross-border digital-economy activities. (ANT)
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