ASIATODAY.ID, JAKARTA – Interstate Quick Response Code Indonesian Standard (QRIS) was recognized as the best innovation in Asia Pacific in the international Qorus Reinvention Awards Asia Pacific 2023, in the “Operational Efficiency” category, in Thailand, 22 November 2023.
QRIS has played a role in increasing the efficiency of payment transactions in facilitating economic activities between countries more easily and safely for the community and business actors, especially Micro, Small and Medium Enterprises, as well as supporting payment connectivity and inclusion.
The Qorus Reinvention Awards Asia Pacific 2023 is an award for large-scale financial institutional innovation that is shaping the future of financial services in a region.
Qorus, domiciled in France, is an independent institution with 50 years of experience in providing consultations, organizing events, and global communities as a catalyst for financial institutions, especially banking, to optimize digital potential to help society’s needs.
QRIS as part of the Indonesian Payment System Blueprint (BSPI) 2025, was launched by Bank Indonesia together with the Indonesian Payment System Association (ASPI) on 17 August 2019. In its development, QRIS has facilitated payment connectivity between countries since 2022, covering Malaysia, Thailand and now expanding to Singapore, which was only launched on November 17 2023.
Strong synergy between countries, especially in regions under the umbrella of Regional Payment Connectivity (RPC), is one of the main strategies in expanding QRIS acceptance which will be of great benefit to the trade and tourism sectors, especially for MSME players.
As of October 2023, the number of QRIS merchants has reached 29.6 million merchants (92% are Micro, Small and Medium Enterprises).
In line with this development, QRIS transactions between Indonesia-Thailand and Indonesia-Malaysia also continue to grow positively with the number of transactions in October 2023 recorded at 59 thousand transactions.
QRIS Services Expansion to India to the UAE
Bank Indonesia will continue to expand QRIS payment interconnection cooperation with other partner countries to accelerate digital economic and financial integration.
The Governor of Bank Indonesia, Perry Warjiyo, said that Bank Indonesia is ready to expand the reach of QRIS services to India, Japan, China and the United Arab Emirates in 2024.
“Expanding QRIS and BI-FAST cooperation within ASEAN, as well as to India, Japan, China, the United Arab Emirates (UAE) and a number of other countries,” said Perry at the 2023 Bank Indonesia Annual Meeting in Jakarta, Wednesday, November 29 2024.
This, according to Perry, is part of the acceleration of Indonesia’s digital payment system for 2024.
Meanwhile, Bank Indonesia recorded that QRIS transaction volume had reached 1.596 billion transactions as of October 2023. This figure was followed by nominal QRIS transactions which grew by 186.08 percent year on year (yoy) reaching IDR 24.97 trillion.
In addition to expanding QRIS services, Bank Indonesia is also developing the BI-FAST retail payment system which is interconnected, interoperable and integrated with the National Payment Gateway (GPN).
As part of the payment system acceleration policy, Perry highlighted the development of a payment transaction data center for payment innovation using artificial intelligence to support BI, government and Financial System Stability Committee policies.
Furthermore, Perry explained, his party is currently developing the 3rd Generation BI-RTGS which is modern, multi-currency and has international standards, as well as interconnection with the modernization of BI’s monetary operating system.
“Then, the development of the digital rupiah as the only legal means of payment in Indonesia. The publication of the first stage of the digital rupiah ‘proof of concept’, including the digital rupiah treasure,” he said. (AT Network)
Check out other news and articles at Google News