“In May, five central bank governors from Indonesia, Thailand, Malaysia, Singapore and the Philippines met and agreed to connect the payment system,” said Perry.
Perry said that the international QRIS has been trialled with Thailand and has been fully implemented. Three other countries would follow suit.
“In the near future, we can digitize the QR cross-border payment system, fast payment with local currency payments, which also supports tourism, MSMEs, and also digital economy domestically and in the five ASEAN countries,” he explained.
Read: BI launches new banknotes design for the 2022 edition
QRIS is the integration of various kinds of QR code-based payment service providers (PJSP). QRIS was developed by the payment system industry together with Bank Indonesia so that the transaction process can be made easier, faster, and more secure.
Since its launch in August 2019, more than 20 million merchants have used QRIS, and 90 percent of them are MSMEs. (rr)