BI Releases New QRIS Feature for Cash Withdrawals, Transfers and Cash Deposits

Bank Indonesia (BI) officially launched a new national standard QRIS feature for cash withdrawals, transfers and cash deposits or referred to as "QRIS TUNTAS" to coincide with the 78th anniversary of the Republic of Indonesia's XNUMXth Anniversary. This feature was developed in synergy with the Indonesian Payment System Association (ASPI) and representatives of payment system service providers.

The Governor of Bank Indonesia Perry Warjiyo said, "QRIS TUNTAS aims to encourage inclusion through expanding access to digital payments to all levels of society, especially the poor, with coverage throughout Indonesia, including in remote areas or the Frontier, Outermost, and Remote (3T) areas. ."

The COMPLETE QRIS has gone through various stages, including the trial phase by the industry in the Bank Indonesia Payment System Technology Innovation Test Room. The trial participants consist of 16 Payment Service Providers and Payment System Infrastructure Providers who are expected to become pioneers followed by other PJPs who are ready.

The QRIS TUNTAS feature allows users to transfer funds between QRIS users and cash withdrawals and cash deposits at Automated Teller Machines (ATMs) or QRIS TUNTAS agents. Users can scan QRIS using an interconnected payment application between PJP Banks and Non-Bank Institutions which can facilitate sources of funds, both bank deposits and electronic money server-based.

For the implementation of QRIS COMPLETE, it will be carried out immediately for Payment Service Providers (PJP) who are ready from 1 September to 30 November 2023.

The continuous development of QRIS feature innovation is also a form of BI's commitment to implementing the Payment System Blueprint (BSPI) 2025. This is expected to accelerate digital economic and financial inclusion as well as support stability and sustainable economic growth.

Going forward, QRIS TUNTAS is also directed at supporting payment system stability through interconnection and interoperability between providers and sources of funds, as well as encouraging sustainable economic growth through efficient pricing schemes while ensuring the continuity of services by the industry.

Not long ago, as of 1 July 2023 to be exact, Bank Indonesia imposed a service fee merchant discount rate (MDR) for QRIS services for micro businesses by 0,3%. According to BI data as of May 2023, the number merchant those using QRIS reached 26,1 million. Of this total, 91,26% are MSMEs.

International QRIS

Apart from announcing the new QRIS feature, BI is also in the process of initiating a QRIS trial between Indonesia and Singapore. This is a follow-up to the QR code-based payment cooperation between countries between Bank Indonesia and the Monetary Authority of Singapore which was initiated last year.

Payment connectivity with the QR Code between Indonesia and Singapore will facilitate more efficient trade between countries, especially for MSMEs, as well as encourage the growth of the tourism sector. This trial will involve ASPI, Network for Electronic Transfers – Singapore (NETS), and representatives of payment system service providers.

This international QRIS itself is included in the National Open API Payment Standard (SNAP) section set by BI to unite various transaction services in Indonesia into one system. SNAP implementation is one of the important stages in order to accelerate open banking in the payment system area.

The first cross-country trial of the QRIS initiative was carried out in mid-2021 with the Thai regulator for full commercial implementation in the first quarter of 2022. This will allow consumers or tourists originating from Indonesia and Thailand to make payments by scanning the QR code in each country. .

Technically, the settlement of this Intercountry QRIS transaction uses the local currency of each country or local currency settlement (LCS) through the selected bank or appointed cross currency dealers (ACCD).

In early 2022, Bank Indonesia (BI) expanded QRIS cooperation between countries with Bank Negara Malaysia (BNM). This collaboration begins with a trial phase and leads to the launch of the full commercial phase in the third quarter of 2022.

Quoted from Kompas.com, The Head of the Payment System Policy Department, Dicky Kartikoyono, said at a media meeting that the use of QRIS between countries would soon reach China and South Korea in the coming year.

Going forward, Bank Indonesia is committed to continuing to work in synergy with all relevant stakeholders, including the central and regional governments, industry players and the public in order to expand QRIS adoption, supported by the development of QRIS feature innovations on an ongoing basis and expanding cooperation both domestically and internationally. country.