Bank Indonesia Launches QR Code Standards

TEMPO.CO, Jakarta - Bank Indonesia (BI) has launched the Quick Response Indonesian Standard (QRIS) for digital payment services through server-based electronic money applications, electronic wallets, and mobile banking.

Bank Indonesia governor Perry Warjiyo said the use of QRIS provide many benefits and convenience for banks, service providers, customers and merchants.

"Everyone is benefited from the efficiency, as well as transactions that are integrated with these standards," he said, last weekend.

According to Perry, one of the benefits is that transaction fees would be cheaper. Perry said that the merchant discount rate (MDR) for on us and off us transactions for regular merchants is set at 0.7 percent. Meanwhile, specialized merchants, such as the education sector, get 0.6 percent; and merchants purchasing fuel get 0.4 percent MDR.

"When used to pay for social assistance or donations, the transaction fee is 0 percent."

The fee is much lower compared to conventional payment scheme models, such as through automated teller machines (ATMs), credit cards, and electronic data capture (EDC) machines that charge 3-5 percent.

The nation-wide implementation of QRIS will begin in January 1, 2020.

GHOIDA RAHMAH | DIAS PRASONGKO