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Bank Indonesia launches single QR Standards to power payments

Bank Indonesia

Governor of Bank Indonesia, Perry Warjiyo

Bank Indonesia has recently launched a Quick Response (QR) Code standard for payments, to power its payment technology.  In order to provide a transitional period of preparation for Payment System Service Providers (PJSPs), the nationwide QR Code Indonesian Standard (QRIS) implementation will be effective from January 1st, 2020.

The Governor of Bank Indonesia, Perry Warjiyo said that QRIS aims to encourage the efficiency of transactions, expedite financial inclusion, promote SMEs, which in turn can encourage economic growth in Indonesia.

QRIS SUPERIOR implies, that the use of QRIS is inclusive for all levels of society and can be used for payment transactions in domestic and abroad. Secondly, people can transact easily from their cell phones; thirdly transactions with QRIS benefit buyers and sellers because transactions take place efficiently through one QR code that can be used for all payment applications on mobile phones and lastly Direct, transactions with QRIS can immediately occur, as the process instantaneous.

QRIS was prepared by Bank Indonesia and the Indonesian Payment System Association (ASPI), using the international standard EMV. It was created to support the interconnection of payment system instruments that are wider and can accommodate country-specific needs so as to facilitate interoperability between providers, between instruments, including between countries.

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