Bank Indonesia expands QRIS cross-border reach to India

Bank Indonesia is expanding the reach of its Quick Response Code Indonesian Standard (QRIS) through cross-border initiatives. Following the inclusion of Timor Leste as the seventh country in the QRIS Cross Border ecosystem, Governor Destry Damayanti has entered discussions with the central bank of India to realize similar cross-border payment capabilities. This move aims to facilitate easier and more comfortable transactions for tourists traveling between Indonesia and India.

In addition to India, Bank Indonesia has signed a Memorandum of Understanding with the Hong Kong Monetary Authority to discuss cross-border payment cooperation. Currently, the QRIS cross-border network includes China, South Korea, Thailand, Malaysia, Singapore, Japan, and Timor Leste.

Regarding domestic usage, QRIS has reached 67 million users and 46.7 million merchants, 96% of whom are MSMEs. Governor Damayanti has advised users to remain vigilant by verifying the recipient's name before completing transactions to prevent errors, emphasizing that increased technological adoption must be accompanied by heightened consumer awareness and strong security systems.