Indonesian President Joko Widodo on Monday launched the international Quick Response Code Indonesian Standard (QRIS) that will connect its payment system to countries across the Association of Southeast Asian Nations (ASEAN).
Developed by Indonesia’s central bank, Bank Indonesia, the code allows users from one payment service in the country to transfer funds to any payment service in ASEAN and vice versa.
“This upgraded system shows that our country can adapt to the digital economy and we are not far left behind other countries,” Widodo said during the launch ceremony that was aired virtually by the Presidential Secretariat Office.
He was optimistic that the international QRIS would be able to improve cost efficiency for business owners, especially for small and medium-sized enterprises and the tourism sector, to produce goods and services with competitive values in the global market.
Bank Indonesia Governor Perry Warjiyo said Thailand became the first country whose payments system had been fully linked to the QRIS. Malaysia, Singapore, and the Philippines have committed to following in the near future.