Indonesia's digital payment ecosystem expands through QRIS and Digital Rupiah development

Indonesia is experiencing a rapid shift toward digital payments, led by the Quick Response Code Indonesian Standard (QRIS). As of June 2026, QRIS users reached 65.77 million, with 44.86 million merchants, approximately 96.68% of whom are MSMEs. In the first half of 2026, QRIS processed 12.55 billion transactions valued at approximately Rp1.12 quadrillion, representing a 93.92% year-on-year growth.

Parallel to this growth, Bank Indonesia is developing a Digital Rupiah. The central bank has entered the experimental stage for cross-border transactions and has obtained a fatwa from the National Sharia Council regarding the permissibility of digital currency and stablecoins.

Despite the digital surge, a paradox exists in the economy: while digital transactions grow, the demand for physical cash remains high. In August 2026, Currency in Circulation (UYD) reached Rp1,332 trillion, a 12.88% annual increase.