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Indonesia’s financial services industry is experiencing accelerated digitization. Bank Indonesia (BI) and entities such as the Indonesian Payment System Association (ASPI) are behind major developments in the non-cash payments sector, aimed at driving financial inclusion at large.
BI Governor Perry Warjiyo said on Monday that the central bank aimed to expand the use of QRIS to around 12 million micro, small and medium enterprises (MSMEs) this year from 5.8 million last year. The move is expected to support the recovery of the coronavirus-battered economy.
“In helping SMEs to digitalize, payment services can offer value-added services such as loyalty programs, digital marketing and payroll processing,” Reet Chaudhuri, a senior expert at McKinsey said during a press briefing on Oct. 2.
Payments processor PayPal Holdings Inc said on Wednesday that a surge in e-commerce transactions and new accounts that drove quarterly profits 86 percent higher was continuing and would support additional investments in mobile-payment tools.
Bank Indonesia launched the QRIS system in August last year and officially implemented the system in January, allowing users from single-payment service providers to transact with others who operate within the BI ecosystem.
