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BI keeps key rate unchanged, cuts QRIS fees
The central bank decided to reduce its QRIS per-transaction fees while keeping its key interest rate unchanged with a view to maintaining a stable rupiah.
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Bank Indonesia Governor Perry Warjiyo speaks at a press briefing on April 18, 2023 after the central bank's monthly monetary policy meeting. (Bank Indonesia/-)
B
ank Indonesia (BI) has lowered the per-transaction fees for its Quick Response Indonesian Standard (QRIS) payment system following pushback from merchants, and now plans to impose zero processing fees for QRIS transactions worth Rp 100,000 (US$6.70) or less, and 0.3 percent on transactions greater than that value.
“The consideration being, […] we see that the vast majority of QRIS [transactions] are below Rp 100,000,” BI Deputy Governor Doni Primanto Joewono said on Tuesday.
The new fee structure is to become effective on Sept. 1 at the earliest and Nov. 30 at the latest.
Doni elaborated that almost 27 million merchants were onboard the payment system, of which 30 percent were micro businesses.
Around 70 percent of transactions made in the micro business segment were for Rp 100,000 and below.
Introduced in 2019, the QRIS system allowed small businesses to receive payments without being charged any per-transaction fees.
Meanwhile, it has charged a 0.7 percent per-transaction fee for businesses classified as medium-sized and above since the service was activated.
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