Jakarta Indonesia Sentinel — Bank Indonesia (BI) has reported a significant surge in transactions using the Quick Response Code Indonesian Standard (QRIS), reaching a transaction value of Rp188.36 trillion in the third quarter of 2024. Governor Perry Warjiyo announced a remarkable year-on-year growth of 209.6% for QRIS-based transactions.
“QRIS has grown by 209.6%, with 53.3 million users and 34.23 million merchants,” Perry stated during a press conference following BI’s Board of Governors’ meeting on Wednesday, October 16, 2024..
Deputy Governor of Bank Indonesia, Filianingsih Hendarta further highlighted that QRIS has become a key driver of household consumption growth in Indonesia. As of October, QRIS has been used 4.08 billion times, surpassing BI’s 2024 transaction target of 2.49 billion, achieving 163.6% of its goal.
“In terms of transaction volume, we’ve already surpassed the target,” she said.
Filianingsih also noted that the nominal value of QRIS transactions is extraordinary, with no other payment method experiencing such significant growth. “There’s no other instrument that has grown over 200%, only QRIS,” she added.
QRIS is the national standard QR code for facilitating QR code payments in Indonesia. This payment method was Launched by Bank Indonesia and the Indonesian Payment System Association (ASPI) on August 17, 2019.
Prabowo Calls 59 Candidates for Deputy Ministers and Agency Heads
QRIS enables users to make payments via any app provided by participating payment system operators. The increasing popularity of QRIS has starting to replace the use of debit cards as a primary payment method, largely due to its speed and convenience.
According to Filianingsih, the largest sector utilizing QRIS payments is retail, particularly food and beverage merchants, which account for 35.9% of transactions. This is followed by hotel restaurants at 16.93%, as well as households and other sectors, such as beauty salons, advertising, and communications.
She believes that QRIS has the potential to support consumer purchasing power, particularly among lower- and middle-income households, as the ease of use stimulates spending in key sectors.
(Raidi/Agung)
