QR code use in Indonesia exceeds yearly target

Bank Indonesia (BI) has reported that the volume of transactions using Quick Response Indonesian Standard (QRIS) codes has exceeded its year-long target.

A store that accepts QRIS code payments (Photo: Jakarta Post)

Fitria Irmi Triswati, director of BI’s payment system policy department, said recently that the January - October 2023 QRIS transaction volume reached 1.6 billion, surpassing the target of 1 billion transactions for 2023.

Meanwhile, the number of QRIS users hit 43.44 million, or 99% of this year’s target of 45 million. About 92% of the 29.63 million merchants in the country that accepted QRIS were micro, small and medium enterprises (MSMEs), statistics show.

She added that the QRIS ecosystem has continued to expand and been supported by the increasing connection among organisers, which comprise 110 QRIS payment service providers and four payment infrastructure providers.

Arya Rangga Yogasati, deputy director of BI’s payment system policy department, noted QRIS, launched in 2019, plays a significant role in aiding in financial inclusion, with micro businesses accounting for 55% of the MSME users of QRIS.

Earlier, BI Governor Perry Warjiyo said the central bank will continue expanding QRIS to MSMEs along with cash withdrawals, transfers, and deposits (QRIS TUNTAS).

To step up regional payment connectivity, BI will also boost the use of QRIS as a digital payment method in other countries such as Singapore, the Philippines, and India.

So far, Indonesia has set up cooperation in the QRIS use with Malaysia and Thailand./.

VNA