Jakarta. Bank Indonesia launched a standard for quick-response codes for all electronic payments in the archipelago on Saturday, paving the way for integration among various electronic payment service providers.
The QR Code Indonesian Standard (QRIS) will allow users of server-based electronic money applications, electronic wallets and mobile banking services to use the same QR code across platforms, instead of having separate QR codes for different services.
Buyers or customers can complete their transaction by scanning QR codes provided by sellers or merchants.
The central bank gave commercial banks and e-wallet providers about four months to adopt the new standard before the nationwide QRIS implementation on Jan. 1 next year.
"QRIS ... aims to promote transaction efficiency, accelerate financial inclusion, advance micro and medium enterprises, which in turn can encourage economic growth," Bank Indonesia said in a statement on Saturday.
It has been working on the new standard since last year, assisted by the Indonesian Payment System Association (ASPI). The central bank adopted the EMVCo 1 standard to ensure seamless integration with existing card-based payment networks Europay, MasterCard and Visa.
The digital payment industry is growing fast in Indonesia, with the likes of the Lippo Group's OVO and Gojek Indonesia's Gopay competing for domination in a market that was estimated last year to be worth $3.4 billion. Global investment bank Morgan Stanley projected that the market may be worth $50 billion by 2027.