Indonesia‘s QRIS: Revolutionizing Digital Payments Globally
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Indonesia’s rapid Response Code Indonesian Standard (QRIS) is making waves in the global financial landscape. This innovative digital payment system, already widely adopted domestically, is rapidly expanding its reach internationally, offering a compelling model for other nations seeking to modernize thier financial infrastructure. The system’s success is a testament to the power of digitalization in driving economic growth and financial inclusion.
Bank Indonesia (BI) Governor perry Warjiyo recently highlighted the importance of correct pronunciation, emphasizing that QRIS is pronounced “kris,” not “kiyuris.” He playfully illustrated the point, stating, “It reads kris, not kiyuris.If it is (read) kiyuris, Kris Dayanti will be called Kiyuris Dayanti, right? It’s read kris, not kiyuris,” during a national seminar on December 14, 2024.
QRIS’s Global Expansion
QRIS is already operational in several Southeast asian countries, including Thailand, Malaysia, and Singapore, facilitating seamless cross-border transactions. BI is actively working to expand QRIS acceptance to Japan, India, and Dubai, further solidifying its position as a leading digital payment solution. The vision is to enable direct, account-to-account transfers, streamlining international commerce and remittances.
This expansion isn’t just about convenience; it’s about fostering economic growth. Governor Warjiyo also connected the digitalization efforts with initiatives to deepen financial markets. He envisions a future where accessing investment products is as simple as using a smartphone, potentially reducing the appeal of online gambling.
He concluded by painting a picture of a future where digital financial inclusion empowers individuals: “So our children have IDR 100 thousand rather of buying judol (online gambling), they buy BTN MBS (Mortgage backed Security).” This highlights the potential of QRIS to not only modernize financial systems but also to positively impact individual financial well-being.
The success of QRIS offers valuable lessons for the U.S. and other developed nations grappling with the challenges and opportunities of a rapidly evolving digital financial landscape.its focus on interoperability and ease of use provides a compelling example of how to create a truly inclusive and efficient payment system.
QRIS: Indonesia’s Digital Payments revolution
Mark Anderson: Welcome back to World Today News. today, we’re talking about Indonesia’s QRIS system, a digital payment platform making waves on the global stage. Joining me today is Dr.Lina Wijaya, economics professor at Universitas Indonesia and an expert on financial inclusion.
Dr. Wijaya, thanks so much for joining us.
Dr. Lina Wijaya: Thank you for having me, Mark.
Mark Anderson: So, for our audience unfamiliar with QRIS, can you give us a rundown of what it is indeed and how it effectively works?
Dr. Lina Wijaya: Certainly. QRIS, which stands for Speedy Response Code Indonesian Standard, is essentially a national QR code payment system. It allows consumers to make payments quickly and securely using their smartphones. Just scan a QRIS code displayed at a merchant, enter the amount, and confirm the transaction. It’s incredibly simple and efficient.
Mark Anderson: And this is already widely adopted in Indonesia?
Dr. Lina Wijaya: Absolutely. QRIS has seen phenomenal success domestically. It’s integrated with various banks and e-wallets, which has made it widely accessible. Millions of Indonesians use QRIS for everyday transactions,from buying groceries to paying utility bills.
Mark Anderson: That’s impressive. The article mentions QRIS expanding internationally.Can you tell us more about that?
Dr. Lina wijaya: QRIS is indeed making its mark globally.It’s already operational in several Southeast Asian countries like Thailand, Malaysia, and Singapore. bank Indonesia, the central bank, is actively working to expand its reach further, targeting Japan, India, and Dubai. The goal is to facilitate seamless cross-border payments and promote regional economic integration.
Mark Anderson: That’s ambitious. What makes QRIS so appealing to other nations?
Dr. Lina Wijaya: I think there are a few key factors. Firstly, its interoperability. Any QRIS-enabled provider can connect, irrespective of their bank or e-wallet. Secondly, its ease of use. It’s incredibly intuitive,even for first-time users. And lastly, its cost-effectiveness. Transaction fees are generally lower compared to traditional methods.
Mark Anderson: The article also mentioned something captivating about Governor Warjiyo’s vision for QRIS. Could you elaborate on that?
Dr. Lina Wijaya: Yes, Governor Warjiyo sees QRIS as a tool for financial inclusion and broader economic growth. He envisions a future where Indonesians can easily access investment products through QRIS, making financial markets more accessible. He believes this can help shift people away from possibly harmful activities like online gambling toward more productive investments.
Mark Anderson: A captivating vision. Dr. wijaya, any final thoughts on QRIS and its potential impact?
Dr. Lina Wijaya: I believe QRIS has the potential to be a game-changer in the global payments landscape. Its focus on seamless interoperability,user-friendliness,and financial inclusion sets a strong example for other nations. It will be fascinating to see how QRIS continues to evolve and shape the future of digital finance.
Mark anderson: Dr. Lina Wijaya, thank you so much for sharing your insights with us.
Dr. lina Wijaya: My pleasure, Mark.
