New Payment Technologies Now Incorporated into QRIS: BI Officially Recognizes NFC, Proprietary Channels and e-Wallets

In 2019, Bank Indonesia (“BI”) introduced a framework that outlined national standards for Quick Response Codes (“QR Codes”), which are used to facilitate payments within Indonesia (“QRIS”), through the issuance of Regulation of the BI Board of Governors No. 21/18/PADG/2019, which was subsequently amended several times, most recently through the issuance of Regulation of the BI Board of Governors No. 24/1/PADG/2022 (collectively referred to as “Regulation 18/2019”). For reference, Regulation 18/2019 was previously summarized in the following edition of Indonesian Legal Brief (“ILB”): “Bank Indonesia Sets National Standards for QR Codes (QRIS) Used in Payment Transactions”.