The Quick Response Code Indonesian Standard (QRIS) is being utilized by 10.45 million of the 12 million targeted merchants, Head of Bank Indonesia’s Payment System Policy Department Filianingsih Hendarta has said.
QRIS is the national QR code standard for facilitating payment using QR codes in Indonesia.
“By September 17, 2021, it (the number of QRIS users) had reached 10.4 million merchants and about 96 percent of them are micro and small entrepreneurs. So, QRIS has been utilized by various segments from street vendors, to popular shops in malls, to praying places,” Hendarta informed during a webinar on Friday.
She also revealed that QRIS user merchants are spread across 480 districts or cities in 34 provinces of Indonesia, while its 66 Payment System Service Providers (PJSP) comprise 38 banks, 24 non-banks, and four switching.
Bank Indonesia has recorded significant growth in the development of QRIS merchants, she said.
In the first quarter of 2020, when QRIS was first unveiled, it was adopted by 3.08 million merchant users, Hendarta noted. The number of merchant users then rose to 6.69 million in the first quarter of 2021 and reached 7.85 million by the second quarter of 2021, she added.
BI has also promoted the use of QRIS as part of the Proud of Indonesian Products National Movement and Travel to Indonesia programs, she said.
New QRIS features have also continued to be developed in order to improve its acceptance and for the convenience of users and merchants, Hendarta said.
This year, BI is developing the QRIS Crossborder or cross-country feature and QRIS TTS (Transfer, Withdraw, and Deposit) feature, she added.
The trial run for QRIS Crossborder has been conducted in Thailand since August 17, 2021, and it will be extended to other nations such as Singapore, Japan, Korea, and Saudi Arabia, she said.
Meanwhile, the QRIS TTS feature is undergoing a trial run in a sandbox since July 1, 2021, she said.
Hendarta affirmed that Bank Indonesia is optimistic that digitalization can transform Indonesia into an advanced nation with high per capita income, supported by the synergy between the regulator and the industry.
“We are optimistic that we can handle the challenges of the new normal era and provide a greater benefit. To this end, we would like to invite industry players to synergize and to fully commit themselves to support the policy in 2025 Indonesia Payment System Blueprint,” she remarked.
Source: Antara News