New QRIS Feature Can Be Used for Transfers and Cash Deposits

Dream - Bank Indonesia (BI) has made changes to the Quick Response Code Indonesian Standard digital payment feature. The latest QRIS service can be used not only for payments, but also for cash withdrawals, transfers, and cash deposits, or QRIS TUNTAS.

The launch of this new QRIS feature is planned to take place starting in August 2023 after undergoing testing for the past two years.

"Currently, there are already 16 participants ready to pilot this feature. The pilot has been conducted since 2021 and in 2022, it was soft-launched in Bali. Hopefully, it can be grand launched in August," said Deputy Governor of Bank Indonesia (BI) Filianingsih Hendarta in Jakarta, quoted from Merdeka.com, Friday, June 23, 2023.

There are three expected benefits from the QRIS TUNTAS feature. First, optimizing funding sources so that they can be used for various activities, not only as savings but also as electronic money.

The second benefit is to improve interconnection and interoperability because through the TUNTAS feature, QRIS can be used between banks, banks and non-banks, and non-banks with non-banks.

The third expected benefit is to encourage financial inclusion because the QRIS TUNTAS feature can be used in 3T areas (Underdeveloped, Frontline, and Outermost).

"So if there are no ATMs or banks in these areas, transfer transactions, cash withdrawals, and cash deposits can be done as long as there are QRIS merchants," he said.

BI Governor Perry Warjiyo also revealed that the adoption of QRIS is expanding, reflected in the increase in the number of QRIS users and merchants, which as of May 2023 has reached 35.8 million and 26.1 million, with a total transaction volume of 744 million, in line with the development of QRIS features domestically and internationally.

"BI thanks the wider community, especially small children, sellers of porridge, vegetable sellers, warung (small food stalls), traditional markets, places of worship, and buskers who have used QRIS," said Perry.

He emphasized that the Central Bank, together with the payment system industry and associations, is committed to continuously improving and expanding service convenience, including QRIS.

Great! Shopping in Malaysia Can Now Use QRIS

Dream - Bank Indonesia (BI) and Bank Negara Malaysia (BNM) officially launched the implementation of payment interconnection between Indonesia and Malaysia using QR Code today, Monday, May 8, 2023.

This launch is a follow-up to the successful trial phase that has been conducted since January 27, 2022. 

Starting today, residents of Indonesia and Malaysia can make retail payments in both countries by scanning the Quick Response Code Indonesian Standard (QRIS) or DuitNow QR Code.

Digital payments are available at physical or online stores that use services from payment providers participating in this scheme. 

The launch of this payment interconnection collaboration is the result of collaboration between industry players facilitated by BI and BNM with the Indonesian Payment System Association (ASPI), including payment system infrastructure providers who are members of ASPI, PayNet, and participating financial institutions.  

BI and BNM also welcome the participation of more financial institutions to further expand cross-border payment ecosystems.

Bank Indonesia Governor Perry Warjiyo stated that the interconnection of cross-border QR payments between Indonesia and Malaysia is concrete evidence of strengthening cooperation within the framework of Regional Payment Connectivity (RPC) to promote faster, cheaper, more transparent, and more inclusive cross-border payments, especially for micro, small, and medium-sized enterprises (MSMEs).

“This interconnection is also in line with the G20's initiative to develop a Roadmap for Strengthening Cross-Border Payments, as well as a significant achievement of Indonesia's Chairmanship in ASEAN in 2023, and a milestone in the implementation of the Indonesian Payment System Blueprint (BSPI) 2025,” said Perry Warjiyo in an official statement, quoted on Monday, May 8, 2203.

Perry added that this collaboration will provide more choices for users of cross-border payment transaction services and will be key to increasing efficiency, promoting economic inclusion, and digital finance.

Furthermore, it supports macroeconomic stability by promoting the wider use of local currency for bilateral transactions in the Local Currency Transaction Framework.

Meanwhile, Governor of Bank Negara Malaysia, Nor Shamsiah Mohd Yunus, stated that this collaboration will promote more secure, easy, and efficient cross-border payments.  

This also has the potential to boost economic activities, including the tourism sector in both countries, and support market expansion for some businesses.

“The QR payment interconnection between Indonesia and Malaysia complements the growing bilateral payment interconnections in ASEAN, which will contribute to a more dynamic ASEAN and further development of the region as a growth center,” said Nor Shamsiah Mohd Yunus.