A unified national Quick Response (“QR”) code-based payment standard, known as Quick Response Code Indonesian Standard (“QRIS”), was launched on 17 August 2019 and made mandatory for all payments using QR codes in Indonesia as of 31 December 2019. QRIS was developed to simplify and integrate non-cash payments in Indonesia, allowing consumers to scan a single QR code to pay a merchant or service provider.
A merchant can display a QRIS code (Merchant Presented Mode / MPM) or a customer can present his/hers (Consumer Presented Mode / CPM), and this code can be scanned for any payment that supports QRIS. The funds will then be transferred directly to the merchant’s account.
QRIS Cross-Border is an enhanced feature of QRIS that enables payment transactions across national borders. QRIS cross-border is expected to expand seamless cross-border transactions, drive higher transaction volumes, further strengthen economic relations between countries and create a more favourable ecosystem for business players.
After the Philippines, Thailand, Malaysia, Singapore and Japan, Bank Indonesia announced that QRIS cross-border will also be available in South Korea, India, the United Arab Emirates and Saudi Arabia.
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