Heaptalk, Jakarta — The United States has expressed concerns regarding Indonesia’s QR code-based payment system, Quick Response Code Indonesian Standard (QRIS), citing potential barriers for foreign digital payment service providers.
US trade officials argue that QRIS may disadvantage global players such as Visa and Mastercard by favoring domestic systems, thereby creating an uneven playing field. They view the implementation of QRIS as potentially protectionist, raising questions about Indonesia’s compliance with international trade norms and its openness to foreign competition in the digital finance sector.
In response to these concerns from the US, Bank Indonesia (BI) has claimed that the implementation of QRIS is not intended to discriminate against companies but rather to support a more inclusive, interoperable, and efficient domestic payment system. BI emphasized that the system was designed primarily to benefit MSMEs and expedite the adoption of digital financial services across Indonesia. BI also reiterated that the system is open to foreign collaboration and that its focus remains on amplifying the resilience and independence of the national payment system.
“QRIS was developed to foster innovation and inclusion, not limit competition equality. QRIS does not exclude foreign payment providers, but ensures that all players, domestic or international, follow similar technical and regulatory standards,” BI Governor, Perry Warjiyo, as cited by Bisnis.
Despite mounting external pressure, the adoption of QRIS has seen significant growth. In the Q3 of 2024, QRIS transactions reached US$12 billion, or equal to Rp188.3 trillion, a remarkable 209.61% increase YoY. The system has facilitated 53.3 million users and about 34.2 million merchants nationwide, with the food and beverage sector making up the largest share of this implementation at around 36%. This year, BI intends to hit about 5.5 billion transactions, by supporting 58 million users and 40 million merchants. Furthermore, rather than slowing down due to international scrutiny, Indonesia has expanded QRIS in Singapore, Malaysia, and Thailand, and plan to broaden this payment system in Japan, India, South Korea, China, and Saudi Arabia.
