QRIS from Bank Indonesia Will Become the Single QR Code in Indonesia

Bank Indonesia has finally officially introduced and launched Indonesian Standard QR Code (QRIS) to the public to coincide with the celebration of Indonesia's birthday, last August 17. BI created QRIS to simplify payment systems using QR Codes throughout Indonesia.

QRIS functions to support payments through server-based electronic money applications, electronic wallets, or e-wallet mobile banking. BI Governor Perry Warjiyo stated that QRIS would become the single standard QR Code applicable throughout Indonesia.

"So this is really QRIS, the only one that applies in Indonesia, there shouldn't be anything else. Others must submit to this QRIS and God willing, it will be superior (universal, easy, profitable, direct)," Perry said as quoted from CNBC Indonesia.

QRIS operates by the method merchant present mode. This means that the merchant will display the QR Code for consumers to scan.

Consumers can use this QRIS facility through all digital payment applications, electronic wallets, or e-wallet mobile banking which has a QR Code feature as a payment method. BI emphasized that there are no additional costs for consumers when transacting using QRIS.

For parties merchant, the fees charged in this QRIS transaction are quite varied. BI fixes costs merchant discount rate (MDR) of 0,7 percent of transactions. Specifically for the education sector, the cost is 0,6 percent, for the purchase of fuel oil at gas stations it is 0,4 percent, and for donations it is 0 percent.

QRIS is BI's effort to boost economic efficiency and financial inclusion in the form of non-cash. With QRIS, merchant no longer need to provide a number of QR Codes from a number of different publishers. QRIS is structured according to the EMV Co international standard which enable interoperability between providers, between instruments, including between countries.

BI and the Indonesian Payment System Association (ASPI) are the parties that developed QRIS. Payment System Service Providers or QR Code issuers are given until 31 December 2019 to make the transition and as of 1 January 2020 QRIS is fully applicable throughout Indonesia.