The central bank of Indonesia has introduced the Quick Response Indonesia Standard (QRIS) code to universalise cashless payments.
Bank Indonesia partnered with other financial institutions, banks, interbank network providers, and e-wallet T-cash to develop the new code.
With the code, users can make fund transfers from one local payment service to another.
Commenting on the offering, Bank Indonesia governor Perry Warjiyo said: “QRIS allows QR-code-facilitated payments [in Indonesia] to be interconnected and interoperable through a single standardised code.”
Meanwhile, the central bank also unveiled the five visions for its payments industry by 2025.
The first vision is to promote digital open banking and interlink with fintech via open API standardisation.
Second, the central bank aims to develop retail payments with a target to make it real-time, seamless and more secure.
Bank Indonesia plans to achieve its goal through development of fast payment, National Payment Gateway optimisation, and unified payment interface development.
Third, it plans to develop wholesale payments and financial market infrastructure to facilitate monetary policy.
Fourth, Bank Indonesia plans to make data developments such as a digital ID system and data hub.
It also intends to enforce data protection regulations covering consumer consent and cloud policy.
Fifth, the central bank aims for regulation, supervision, licensing and reporting enhancements.