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Bank Indonesia to raise cap on QRIS transactions
Bank Indonesia (BI) is planning to double the transaction limit for the Quick Response Indonesia Standard (QRIS) code to Rp 10 million as it seeks to lure 15 million more merchants.
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A small coffee business displays its goods and QRIS code at an MSME event in Bangli, Bali, on Aug. 9, 2020. (Courtesy of the Tourism and Creative Economy Ministry)
B
ank Indonesia (BI) wants to allow consumers to make bigger transactions using the Quick Response code Indonesia Standard (QRIS) as it seeks to boost digital payments in the country.
BI is planning to raise the QRIS transaction limit to Rp 10 million (US$697.97) starting in March, according to Filianingsih Hendarta, assistant governor and head of the payment system policy department at the central bank.
Filianingsih said the central bank had previously raised the transaction limit to Rp 5 million from Rp 2 million as it was seeking to expand medium and large transactions.
“So this is to support consumers and the need for larger transactions,” Filianingsih said in an online Group of 20 (G20) side event on Monday.
QRIS, launched in August 2019 by BI and the Indonesian Payment System Association (ASPI), allows merchants to use one code for different payment methods, including mobile banking applications and e-wallet applications.
BI is expecting digital banking transactions to grow by 20 percent to Rp 48 trillion and e-money transactions by 16.61 percent to Rp 337 trillion in 2022 from a year earlier, carrying over an online transaction boom seen last year due to surging e-commerce activity amid the COVID-19 pandemic.
Read also: Digital transactions forecast to grow 31% next year: Bank Indonesia
