Indonesia’s central bank issues standardized QR code payment system

Indonesia has taken another step towards a cashless society after the central bank of Indonesia released the “rapid response Indonesia standard payment code system”.

According to Indonesia’s central bank governor to send in the introduction, the system is based on relatively complex QR code mode, absorb the Visa and payment tools such as “European pay” international experience, the user can either within the central bank’s ecosystem trading and settlement between financial services, “the system of standardized QR code payment function, make the interaction between different financial institutions operating more convenience”.

Perry also said that the system chose to develop and use a lower cost QR code model, but also more suitable for smartphone-centric online application scenarios, “This is more in line with the development of 65 million of Indonesia’s small and medium-sized enterprises, to further enliven the digital economy market and thus drive the accelerated growth of the national economy has a key role.”