QRIS Goes Global: Now Paying Abroad is Easier!

Source: Depok Pos

QRIS (Quick Response Code Indonesian Standard) will soon be available in Japan and China. Bank Indonesia (BI) continues to expand the reach of QRIS for cross-border transactions. Currently, QRIS is connected and can be used in Singapore, Malaysia, and Thailand. BI is also in the planning stage of cooperation with several other countries, including Japan, India, South Korea, China, and Saudi Arabia.

This collaboration aims to make it easier for Indonesian tourists and migrant workers to make payments in these countries without having to exchange currency. Conversely, foreign tourists from these countries can also use payment applications from their home countries to make transactions in Indonesia via QRIS. Of course, this expansion can give rise to various benefits and uses across countries.

1. Practical: With this expansion, users do not need to carry cash or exchange foreign currency when traveling. Payments can be made directly from smartphones through payment applications that support QRIS.
2. Efficient: Transactions will be easier and faster just by using a QR code.

However, behind the growing convenience of cross-border payments, there are various challenges that Bank Indonesia, as the central bank, must face in this expansion. Here are some of the challenges.

1. Complaints from the United States: The US government, through the United States Trade Representative (USTR), expressed its concerns that the implementation of QRIS could be considered a barrier to trade.

2. Sovereignty of Bank Indonesia: BI emphasized that QRIS will certainly strengthen Indonesia’s digital sovereignty without hampering global trade. This system is certainly considered an innovation in order to accelerate the transition to a cashless economy.

Source: perumperindo.co.id

Then, here is a list of countries that have and will establish cooperation:

• cooperating: Malaysia, Thailand, Singapore, Laos, Vietnam, Philippines, and Brunei Darussalam;
• not yet cooperating: Japan, India, South Korea, China, and Saudi Arabia.

With the expansion of the QRIS network to various countries, it is expected to have a positive impact, and of course, also provide ease of transactions for tourists and foreign immigrants. In addition, this good news will help drive the growth of the digital economy in the region. Although there are several challenges and concerns faced, Bank Indonesia, as the central bank, will show its commitment to continue expanding QRIS across countries. (ADS/ARL)