Indonesia Central Bank to Introduce Digital Currency

Indonesia Central Bank to Introduce Digital Currency

The BI Governor said that the bank has decided to distribute the digital rupiah through a retail scheme, meaning the digital currency will be disbursed by BI only to large banks and payments system companies.


Central Bank Targets 45 Million SMEs to Use QRIS by 2023

Diana Mariska
QR code illustration (Photo: Shutterstock)
QR code illustration (Photo: Shutterstock) - The Indonesian central bank said it targets up to 45 million small and medium enterprises (SMEs) to use the Quick Response Code Indonesian Standard, or QRIS, by 2023.

Bank Indonesia (BI) governor Perry Warjiyo revealed that since QRIS was first launched in 2019, more than 20 million SMEs have been using it. And it targets to double the number next year.

“So far, we have digitalized more than 20 million SMEs by using QRIS, which was launched in August 2019. And [the technology] helps SMEs digitalization significantly through collaboration with e-commerce platforms, financial technology, and digital bank,” Warjiyo said on Thursday, August 11, as reported by Antara.

And in the coming two to three years, he targets up to 65 million SMEs to use QRIS.

BI has also provided and launched an infrastructure for quick digital payment called BI-Fast to support the digitalization of payment system in Indonesia and further encourage SMEs digitalization.

“This does not only serve e-commerce, financial technology, and digital bank, but also support SMEs’ cash flow,” BI governor explained.

In May, BI claimed that it targets 15 million consumers in Indonesia to shift to the QRIS and make it the preferred payment method as the central bank continued to encourage cashless payment system.

Tag # bank indonesia # indonesia central bank # quick response code indonesian standard # qris # small and medium enterprises # cashless payment in indonesia

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