Bank Indonesia (BI) has confirmed that it will issue a new regulation on quick response (QR) codes due to the method’s growing use among payment service providers.
The Bank Indonesia Regulation, scheduled to be launched this month, will focus on the harmonization of QR code payment systems used by all providers and on the standardization of its technology, said BI Deputy Governor Sugeng.
“Currently, not all existing QR code payments are connected, causing inefficiency for people who use [QR codes as a means of payment],” Sugeng told reporters on the sidelines of a digital economy seminar on Wednesday.
QR code payment facilities resemble electronic data code (EDC) machines and automated teller machines, he added, adding that the use of QR codes would slash investment costs because it would not require expensive equipment, only QR scanners that are widely available for smartphones.
The new regulation will become part of the country’s National Payment Gateway (GPN) program, which was launched last year by President Joko “Jokowi” Widodo to simplify and payment methods using a series of digitalized systems, Sugeng said.
Among the companies that have already tried the system include state-owned lender Bank Negara Indonesia (BNI) and ride-hailing app Go-Jek with its electronic wallet Go-Pay.
Re-disseminated by The Asian Banker from The Jakarta Post