Aligning the Digital Money Payment System, BI Start Introducing QRIS in Riau

News24xx.com - Right at the 74th anniversary, Bank Indonesia (BI) launched the Indonesian Response Standard (QRIS) Quick Response (QR) for payments through server-based electronic money applications, electronic wallets, or mobile banking.

Head of the Bank Indonesia Rupiah Payment System and Rupiah Currency Management Division, Syahrul Baharisyah, explained that the implementation of QRIS nationally will take effect on January 1, 2020.

This was done to provide a preparatory transition period for Payment System Service Providers (PJSPs).

"The launch of QRIS is one of the implementations of the vision of the Indonesian Payment System (SPI) 2025, which was announced in May 2019," Syahrul said, Monday, August 19, 2019.

He explained, QRIS carries the spirit of UNGGUL (Universal, GampanG, Untung and Direct) to encourage transaction efficiency, accelerate financial inclusion, promote MSMEs, which in turn can encourage economic growth, for Forward Indonesia.

It is known, QRIS was compiled by BI and the Indonesian Payment System Association (ASPI), using the EMV Co international standard, to support the interconnection of payment system instruments that are broader and accommodate the specific needs of countries, thereby facilitating interoperability between providers, between instruments, including between countries.

For the initial stage, QRIS focused on implementing the QR Code Payment Merchant Presented Mode (MPM) model. Where the seller will display a QR code to be scanned by the buyer when making a payment transaction.
 
Before being ready for launch, the technical specifications for the QR code standard and interconnection passed the first piloting phase in September to November 2018, and the second phase from April to May 2019.