Expand Payment System, QRIS Transactions Across the Country Increase

JAKARTA - Bank Indonesia (BI) has recorded a total of 7.6 million cross-border Quick Response Code Indonesian Standard (QRIS) transactions as international cooperation expands.

The latest expansion was carried out through the implementation of QRIS cross-border with South Korea, with this addition, QRIS cross-border services can now be used in five countries, namely Thailand, Malaysia, Singapore, Japan, and South Korea.

Deputy Governor of BI Filianingsih Hendarta revealed that the inbound transactions or the use of QRIS by foreign tourists in Indonesia reached 5.9 million transactions.

Meanwhile, outbound transactions by Indonesian people abroad were recorded as many as 1.7 million transactions.

"This achievement reflects that QRIS between countries is a relevant solution that society needs," he said at the launch of the QRIS Indonesia-South Korea, Wednesday, April 1.

Filianingsih added that the joining of South Korea further strengthens the connectivity of the payment system in the region, and in the future, BI also targets the expansion of cooperation to other countries, including China in the near future as part of the regional payment connectivity initiative.

"So now we have embraced plus three, Asian plus three, namely Japan, South Korea, and hopefully next month we can connect with China as well," he explained.

This step is aimed at encouraging economic integration as well as reducing barriers in cross-border transactions.

Furthermore, Filianingsih said that cross-country QRIS is not only strengthening the international payment system, but also becoming a major driver of inclusive and sustainable digital economic growth.

He also said that the implementation of QRIS with South Korea was one of the fastest compared to similar cooperation, with a process of less than one year.

According to him, close collaboration is considered capable of producing innovations that are not only mature in concept, but are also ready to provide real benefits to the community.

He added that in addition to facilitating transactions, this cooperation also opens wider economic opportunities, especially in the tourism and trade sectors, as the mobility of people between Indonesia and South Korea increases.

"This not only makes transactions easier, but also opens up wider business opportunities, both in the tourism sector, we know many Indonesians who go to South Korea, visit Korean cafes, that's right, and also Koreans who come to Indonesia," he explained.