Bank Indonesia Expands QRIS Collaboration to Korea, Japan, United Arab Emirates and India
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Editor
2 August 2024 13:33 WIB
TEMPO.CO, Jakarta - Bank Indonesia or BI is expanding cooperation between QRIS Quick Response Code Indonesian Standard (QRIS) between countries to four new countries after Malaysia, Singapore, and Thailand. The central bank governor, Perry Warjiyo, said the QR payment system will soon be available in India, Korea, Japan, United Arab Emirates.
In his presentation at the GBI Talk on Blueprint for the Indonesian Payment System 2030 on Friday, August 2, Perry said the use of QRIS grew 49.4 percent annually, with more than 50.5 million users and 32.7 million merchants.
"Most of them are MSMEs (micro, small and medium enterprises)," Perry said.
According to BI's website, the implementation of QRIS Cross-Border enables payments between countries using automatic currency conversion. Payments will be made using the same QR code in cooperating countries.
The G20 presidency in 2022 was the first opportunity for Indonesia to initiate cross-border QR to enhance financial integration among countries, especially in ASEAN member countries. At this forum, Bank Indonesia succeeded in inviting central banks from Thailand, Singapore, and Malaysia to sign the code.
In addition to providing more convenient transactions, the adoption of QRIS among member countries is expected to reduce dependence on the U.S. dollar in the Southeast Asian region.
Riri Rahayu
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