QRIS, which physically manifests as a more complex QR pattern, allows users from one payment service to transfer funds to any rival service within BI’s ecosystem. A customer using the digital wallet service LinkAja, for example, could transfer funds to a shopkeeper using the digital wallet OVO, given that at least one party has a QRIS code.
The central bank has been developing QRIS since 2018. BI based the QRIS pattern on the Europay, Mastercard and Visa (EMV) international standard.
One of the benefits of implementing this system would be that QR code deployment could be as cheap as printing the code and downloading a smartphone app, while cards and tags require buying an EDC reader machine. Lower costs are necessary to encourage Indonesia’s 65 million micro, small and medium enterprises to adopt the cashless payment system, as many cannot afford card reader machines.
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