Photo: Aman Rochman/NurPhoto/AFP
Eurasia
18/09/2025 18:14
Indonesia’s central bank-backed Quick Response Code Indonesian Standard (QRIS) has rapidly transformed the country’s payment landscape, with adoption spreading from street vendors to high-end shopping malls. Launched nationwide in 2020, QRIS integrates multiple non-cash methods into a single digital platform, streamlining payments and reducing reliance on cash, Channel News Asia reports.
Residents in Jakarta say the system has made daily life more convenient. “You don’t need to have cash on hand, and there’s usually no minimum payment,” one consumer told CNA. Sellers also benefit, as transactions can be verified instantly.
Analysts view QRIS as more than just a local innovation. In an era where payment systems are increasingly tied to global financial power, QRIS offers a counterweight to the dominance of Western platforms. Its success has even drawn criticism from Washington: the U.S. National Trade Estimate Report on Foreign Trade Barriers flagged QRIS as unfair to foreign providers.
For Indonesia, however, the benefits are clear. Bhima Yudhistira Adhinegara, executive director of the Jakarta-based Center of Economic and Law Studies, noted that QRIS supports balance of payments by reducing currency risks. “Rather than converting to US dollars, we can convert directly to any local currency as our counterpart,” he said, adding that this flexibility benefits both small enterprises and large corporations.
The system’s adoption has been striking. According to the Indonesian Payment System Association, credit card transactions grew by 21 percent last year, but QRIS transactions surpassed 6 billion, with around 57 million active users.
Building on domestic success, Indonesia is exporting QRIS abroad. The system is now accepted in Malaysia, Thailand and Singapore, with plans to expand to China, India, Japan, Saudi Arabia and South Korea. This internationalization could help Southeast Asia reduce dependence on Western networks like Visa and Mastercard, fostering a more autonomous regional financial ecosystem.
Bank Indonesia Governor Perry Warjiyo defended the system against U.S. criticism, stressing that QRIS was built on international frameworks but tailored to national needs. “It was developed together with the industry,” he said, highlighting its role in driving digitalisation, boosting financial inclusion, and supporting economic growth.
As QRIS continues to expand, Indonesia is positioning itself at the forefront of regional financial innovation, offering a model that blends technological efficiency with strategic independence.