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QR payment growth in Indonesia outpaces BI target

Jakarta Post - December 11, 2023

Jakarta – Bank Indonesia (BI) has reported that the volume of transactions using Quick Response Indonesian Standard (QRIS) codes has exceeded its year-long target.

"The January-October 2023 QRIS transaction volume reached 1.6 billion transactions, which exceeded the 1 billion transactions targeted in 2023. This was achieved much faster than we anticipated," Fitria Irmi Triswati, director of BI's payment system policy department, said during a government QRIS press event held on Friday, as quoted by Antara.

While the central bank has reached its QRIS target in terms of transaction volume, Fitria said the number of QRIS users was just shy of meeting the central bank's target of 45 million users throughout 2023, with BI reporting up to 43.44 million users as of the end of October, or 99 percent of the target.

BI also noted that of the 29.63 million merchants in the country that accepted QRIS, 92 percent were micro, small and medium enterprises (MSMEs).

"The QRIS ecosystem continues to expand and is supported by the increasing connection between organizers, which comprise 110 QRIS payment service providers [PJPs] and four payment infrastructure providers [PIPs]," Fitria added.

According to the deputy director of BI's payment system policy department, Arya Rangga Yogasati, QRIS played a significant role in aiding in financial inclusion, with micro businesses accounting for 55 percent of MSME QRIS users.

Source: https://www.thejakartapost.com/business/2023/12/11/qr-payment-growth-in-indonesia-outpaces-bi-target.htm