Indonesian President Joko Widodo on Monday launched the international Quick Response Code Indonesian Standard (QRIS) that will interface its payment system to nations across the Association of Southeast Asian Nations (Asean).
Created by Indonesia’s central bank, Bank Indonesia, the code permits clients from one payment service in the country to move assets to any payment service in Asean as well as the other way around, Xinhua detailed.
“This upgraded system shows that our country can adapt to the digital economy and we are not far left behind other countries,” Widodo said during the launch ceremony that was aired virtually by the Presidential Secretariat Office.
He was hopeful that the international QRIS would have the option to work on cost efficiency for entrepreneurs, particularly for small and medium-sized enterprises and the tourism sector, to create goods and services with competitive values in the global market.
Bank Indonesia Governor Perry Warjiyo said Thailand became the first country whose payments system had been completely connected to the QRIS. Malaysia, Singapore, and the Philippines have focused on continuing in the near future.