Bank Indonesia (BI) officially launched QR Indonesia Standard (QRIS)By Administrator | Aug 17 2019 14:10
Bank Indonesia (BI) officially launched the QR Indonesia Standard (QRIS) on August 17 2019. The grand launching was following the pilot programs in September-November 2018 and April-May 2019, as well as the issuance of BI Members of Board of Governors Regulation No. 21/18/PADG/2019 on Implementation of the National Standard for Quick Response Codes for Payments on 16 August.
QRIS is a standardized Quick Response Code for payment through a server-based application, electronic wallet, or mobile banking.
QRIS focuses on implementing the QR Code Payment Merchant Presented Mode (MPM) model where the seller (merchant) will display the payment QR Code to be scanned by the buyer (customer) when making a payment transaction.
QRIS was prepared by Bank Indonesia and the Indonesian Payment System Association (ASPI), using EMV Co, the international standards to support broader payment system instrument interconnectedness and accommodate the specific needs of Indonesia, thus providing interoperability between providers, instruments and even countries.
The implementation of QRIS is involving some parties, such as; payment system service operator, switching institution, merchant aggregator, and national merchant repository manager.
ALTO is one of the reputable switching institutions in Indonesia that received the license from Bank Indonesia (BI) as QRIS provider, has role in carrying out switching activities in the national payment gateway and approved by BI to process QRIS transactions.
QR Payment is a worldwide future trend, and ALTO is more than ready to support QRIS implementation to its member complying with regulation and improving throughout technology innovation.