Bank Indonesia has launched a Quick Response (QR) Code standard for payments through server-based e-money applications, electronic wallets and mobile banking known as QR Code Indonesian Standard (QRIS) to coincide with the 74th Anniversary of Indonesian Independence, today (17/08) in Jakarta.
National QRIS implementation will be effective from 1st January 2020 in order to provide an adequate transition period for payment system service providers to prepare for the new standard. QRIS launching is part of the roll-out of the Indonesian Payment System Vision (SPI) for 2025, announced in May 2019.
At the launching ceremony, BI Governor Perry Warjiyo stated that QRIS, which carries the spirit of UNGGUL (Universal, Simple, Profitable, Direct), aims to enhance transaction efficiency, accelerate financial inclusion and advance MSMEs, thus ultimately stimulating economic growth for the betterment of Indonesia. That spirit is in line with the theme of Indonesia's 74th Anniversary of Independence, namely Superior Human Resources, Advanced Indonesia.
QRIS UNGGUL carries meaning, namely Universal, QRIS use is inclusive for all and can be used for domestic and international payment transactions. Second, Simple, QRIS offers secure and convenient transactions through mobile phones. Third, Profitable, QRIS transactions are profitable for merchants and customers due to efficient payments through one QR code that can be used for all mobile phone payment applications. Fourth, Direct, QRIS transactions are processed in real time, thereby supporting the uninterrupted operation of the payment system.
QRIS was compiled by Bank Indonesia along with the Indonesia Payment System Association (ASPI), using EMV Co. 1 international standards to support broader payment system instrument interconnectedness and accommodate the specific needs of Indonesia, thus providing interoperability between providers, instruments and even countries.
Initially, the focus of QRIS implementation will be QR Code Payment Model Merchant Presented Mode (MPM), where the merchant will be able to display a QR Code to be scanned by the customer when initiating a payment transaction. Prior to launch, the technical specifications of the QR code standard and interconnectedness of the system were tested through piloting from September to November 2018, with phase II running from April until May 2019.