Indonesia's central bank imposes QR code standardization

Wednesday 15 January 2020 14:56 CET | News

Fraud Prevention and Online Authentication Report 2019/2020

Bank Indonesia (BI) has officially imposed the QR code standardization called QRIS (Indonesian Standard QR Code) on January 1, 2020, Tech in Asia reports.

Fraud Prevention and Online Authentication Report 2019/2020

This means that all mobile payment providers must replace their QR code with QRIS for easier transactions.

The discourse regarding QRIS adoption first surfaced in April 2019, giving time for the mobile payment service providers to adjust to these provisions. The standardization of the QR code provides an integrated payment system that is efficient, inexpensive, and safe. Moreover, it can improve interconnectivity in payment systems so that e-wallets from different providers can be used in one QR scanning system. For example, GoPay users can make transactions on the ecosystem of LinkAja and vice versa.

There has been speculation regarding the rising fee of QR code transactions and uniform tariffs this year, but mobile payment platforms declined to comment on this, citing they will wait for the official announcement from BI.

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Keywords: QR code transactions, Indonesia, mobile payment service, merchants
Categories: Payments & Commerce
Countries: Indonesia
This article is part of category

Payments & Commerce