Bank Indonesia, the national bank of the country, is officially introducing QR (Quick Response) standardisation payment in the archipelago. The project has been delayed by a couple of months and was supposed to start in April this year. It could now take off by the first quarter of 2019.
Delays into the implementation of the Quick Response (QR) code payment standardisation by Bank Indonesia was mostly due to the need to control the safety of the cashless payment, before any official announcement by the central government.
But it seems now to be done.Bank Indonesia appoints the Indonesia Payment System Association to set the standard. ASPI is an institution established by Bank Indonesia involving representations of all payment system industry in Indonesia. The agency is authorized in technical scope to formulate rules in the payment system industry.
IPSA just indicated to have successfully conducted the first phase of tests with the second phase being now implemented.
There are twelve companies that have obtained permission from the central bank using the QR code including Go-Pay, TCash, OVO, BNI Yap!, and BRI. The standardization will connect each other of these twelve companies. During the first test phase, two banks and a telecommunication company had been involved. QR payment is due to be launched by early next year, representing a 12-month delay over the initial plan. The system will also be able to be used by travellers to Indonesia once implemented.
The QR code standardization and regulation is part of Indonesia National Payment Gateway (NPG) program that was launched last year by the government. The NPG is an electronic payment transaction system incorporating instruments such as ATM cards, electronic money, and credit cards, allowing customers to carry out secure non-cash transactions from any bank in Indonesia. The electronic payment system was officially launched in December 2017. The archipelago remains however far behind other countries in Southeast Asia regarding cashless payment.