JAKARTA - Bank Indonesia (BI) said it would strengthen the Quick Response Code Indonesian Standard (QRIS) transaction service by utilizing Near Field Communication (NFC) or QRIS Tap for public transportation, such as MRT and KRL in the first quarter of 2025.
BI Deputy Governor Filianingsih Hendrata said this implementation was part of the expansion of the QRIS feature in the 2025 quarter. After previously being tested on Damri transportation services with flat rate systems.
"In the near future, we will pilot QRIS Tap for variable rates. The multiple rates are for MRT and KRL. So, hopefully, everything can be fully implemented in the first quarter of 2025," said Filianingsih at a press conference, Wednesday, January 15.
Furthermore, BI recorded significant growth in QRIS transactions throughout 2024. With transaction volume increasing 175 percent on an annual basis or year on year (yoy) and nominally up 166 percent.
Filianingsih targets QRIS transaction volume in 2025 to reach 6.5 billion with 58 million users and 40 million merchants.
On the other hand, the digital payment system continues to be the main driver of economic transaction growth in Indonesia. In 2024, digital payments recorded 34.5 billion transactions, grew 36.1 percent (yoy), with projected an increase of up to 52.3 percent in 2025.
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Meanwhile, the volume of large value transactions processed through BI-RTGS reached 10.3 million transactions or grew 3.1 percent (yoy) with a value of IDR 126.3 thousand trillion, an increase of 17.6 percent (yoy) in 2024.
In 2025, the BI-FAST transaction volume is estimated to grow 34.1 percent yoy and the BI-RTGS transaction value is estimated to grow 11.4 percent yoy.
Meanwhile, in terms of managing Rupiah money, the Circulated Kartal Money (UYD) grew 9.3 percent yoy to Rp1,204.5 trillion at the end of December 2024 and is estimated to grow 5.7 percent yoy in 2025.
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