One Code for All Payments

By Editorial Team 19/08/2019
Summary

Bank Indonesia on Saturday (9/17) unveiled the Quick Response (QR) Code standard for payments through electronic money-based applications, electronic wallets, or mobile banking called the QR Code Indonesian Standard (QRIS). The nationwide QRIS implementation is valid from January 1, 2020, to provide a transitional period for the payment system service providers (PJSPs).

QRIS aims to encourage transaction efficiency, accelerate financial inclusion, and promote micro, small, and medium enterprises (MSMEs), which can ultimately drive economic growth. In the initial stage, QRIS focuses on implementing the Merchant Presented Mode (MPM) QR Code Payment. The merchant would display a payment QR Code to be scanned by the customers when making a transaction.

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