In a world where data has earned the moniker of “oil of the twenty-first century,” QR codes can quickly scan through relevant data and enable transactions. QR codes add significant value to multiple industries, and they have been instrumental in revolutionizing the digital payments industry globally. Developed and developing nations are doing some significant work in this area. The nation that has ramped up its QR efforts in recent times is Indonesia. As part of the Indonesian Payment System Vision (SPI) for 2025, the country, in 2019, launched its national standard—Quick Response Code Indonesian Standard (QRIS)—for QR codes. The system has been built by Bank Indonesia, Indonesia’s central bank, in collaboration with other financial institutions, banks, and interbank network providers and e-wallet LinkAja. The Indonesian QRIS adheres to international standards followed by major players such as Europay, Mastercard, and Visa. |
