Photo Credit: RRI

Indonesia’s Quick Response Code Indonesian Standard (QRIS) is not only transforming the country’s payment landscape but also positioning itself as a competitor to global payment giants like Visa and Mastercard. Designed as a unified, interoperable digital payment system, QRIS has revolutionized transactions, particularly among micro, small, and medium enterprises (MSMEs), while sparking international attention and debate about its broader implications for global financial networks. 

Since its launch in 2019 and nationwide rollout in 2020, QRIS has recorded exceptional growth. Bank Indonesia data shows that transaction volume surged from 124 million transactions worth Rp8.2 trillion in 2020 to 375 million transactions (Rp27.7 trillion) in 2021, and 993 million transactions (Rp98.4 trillion) in 2022. In 2023, QRIS recorded 1.6 billion transactions (January–October) and a full-year transaction value of Rp229.96 trillion. By 2024, QRIS had reached 2.2 billion transactions totaling Rp242 trillion, and in the first quarter of 2025 alone, it hit 2.6 billion transactions worth Rp262.1 trillion. 

In its 2025 National Trade Estimate Report, the United States Trade Representative (USTR) raised concerns that QRIS may pose a trade barrier by limiting access for foreign payment providers, notably Visa and Mastercard. U.S. officials argued that QRIS regulations could reduce operational flexibility for international networks, raising questions over whether Indonesia’s payment framework favors domestic interests at the expense of foreign participation. This development signals a growing challenge to the dominance of international card networks, as QRIS offers an alternative framework better suited to Indonesia’s domestic market needs.

Despite QRIS’s rise, Visa and Mastercard continue to dominate Indonesia’s credit card market. Visa alone processed 234 billion transactions globally in 2024, generating $35.9 billion in revenue, and credit card transactions in Indonesia grew by 20.9% last year, demonstrating sustained reliance on established global networks.

Responding to U.S. criticisms, Bank Indonesia clarified that QRIS is based on the global EMVCo (Europay, Mastercard, Visa) QR standard, which has been enhanced through Indonesian-language programming and regulatory adjustments to fit national needs. BI Governor Perry Warjiyo emphasized that QRIS aligns with international norms and was developed in collaboration with the Indonesian Payment System Association (ASPI) to ensure interoperability without excluding foreign players. Furthermore, Bank Indonesia highlighted QRIS’s growing cross-border reach, with partnerships established in Thailand, Malaysia, and Singapore, and further expansion planned into Japan, India, South Korea, China, and Saudi Arabia. 

Economists have noted that U.S. apprehensions appear rooted in concerns over Indonesia’s assertiveness in safeguarding its financial infrastructure. Piter Abdullah Redjalam, a member of the Badan Supervisi Bank Indonesia (BSBI) for the 2023–2028 term and former economist at Bank Indonesia, stated that QRIS reflects Indonesia’s commitment to financial sovereignty and independence. He urged policymakers to defend these principles while engaging in international negotiations, emphasizing that while cooperation is important, sovereignty and independence remain non-negotiable.

QRIS is central to Bank Indonesia’s broader digital payment agenda, with objectives that include onboarding 45 million MSMEs into the digital economy, reducing merchant transaction costs through a capped Merchant Discount Rate (MDR), expanding cross-border payment interoperability, and ensuring that all transaction data remains under national regulatory oversight. As of late 2023, MSMEs accounted for 92% of QRIS merchants, underscoring the initiative’s focus on grassroots economic inclusion. Bank Indonesia also introduced a 0% MDR for transactions up to IDR 100,000 to support micro-entrepreneurs, reflecting a push for greater affordability in digital transactions.

Looking ahead, QRIS’s journey is far from over. As it scales both domestically and regionally, its dual role—as a payment innovation and a symbol of Indonesia’s financial independence—continues to evolve. The next chapter will determine not only how QRIS matures but also how it redefines the competitive balance between national systems and global payment giants across Southeast Asia and beyond.

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