Bank Indonesia Sets National Standards for QR Codes (QRIS) Used in Payment Transactions

Bank Indonesia (“BI”) has finally issued an implementing framework which addresses national standards for Quick Response Codes which are used to initiate payments (“QR Code”). This new framework has been inaugurated through the issuance of Regulation of the Bank Indonesia Board of Governors No. 21/18/PADG/2019 on the Implementation of Quick Response Code National Standards for Payments (“Regulation 18/2019”). The framework was issued in order to support the ongoing digitalization of the payment system.[1]