QRIS to Unveil a Range of New Features, Promising Increased Benefits and Power

QRIS to Unveil a Range of New Features, Promising Increased Benefits and Power (photo: qris.online)

Bank Indonesia (BI) has announced that it will introduce new features for the Indonesian Standard QR Code or QRIS in August 2023. These upcoming features will encompass a range of services, including transfer facilities, cash withdrawals, and cash deposits, aiming to enhance the digital payment ecosystem and foster a more comprehensive digital financial economy.

The Director of BI, Filianingsih Hendarta, revealed that these new features, collectively known as QRIS Tuntas, have been under development since 2021 and will be officially launched in August 2023. Initially, a limited release of QRIS Tuntas took place in Bali last year, and now the grand launching is expected to coincide with Indonesia’s Independence Day celebrations.

Filianingsih shared insights regarding the pilot phase, indicating that 16 participants have been actively engaged in testing and implementing the QRIS Tuntas features. These participants likely include both banking and non-banking Payment Service Providers (PSPs), reflecting the collaborative efforts of various stakeholders in advancing the digital payment landscape.

The integration of QRIS Tuntas brings forth several notable advantages. Firstly, it is set to elevate the quality of digital payment services, enhancing the overall user experience and convenience. Additionally, by expanding the source of funds beyond traditional deposits to include electronic money, the utilization of QRIS Tuntas supports optimized sourcing and utilization of financial resources.

Furthermore, the introduction of these new features promotes interconnection and interoperability, allowing seamless transactions not only between banks but also between banks and non-bank entities. This integration strengthens the digital financial ecosystem, facilitating a more efficient and interconnected system for users.

Another significant benefit of QRIS Tuntas is its potential to enhance financial inclusion. The utilization of these new features extends to the 3T regions (frontier, outermost, and remote areas) as long as there are QRIS merchants available. This inclusivity ensures that individuals in underserved areas can also access and benefit from the convenience and efficiency of digital financial transactions.

Bank Indonesia firmly believes that the development of QRIS Tuntas will establish it as a practical and efficient solution for a wide range of financial transactions. As the grand launching approaches, it marks a significant milestone in Indonesia’s ongoing efforts to advance digital payments and foster a thriving digital financial ecosystem.