Bank Indonesia (BI) is expanding the use of Quick Response Code Indonesian Standard (QRIS) for export-import transactions, offering a faster and more practical digital payment solution for businesses. This innovation strengthens Indonesia’s position in the global digital economy while simplifying international trade processes.
QRIS for Export-Import Transforms Cross-Border Transactions
The government and BI are actively developing QRIS not only for domestic transactions but also to facilitate export-import payments. This breakthrough reduces reliance on traditional payment methods such as letters of credit (L/C) and slow bank transfers.
Benefits of QRIS for Export and Import
- Speeds Up Payment Process – Businesses can complete transactions in seconds simply by scanning a QR code.
- Reduces Transaction Costs – QRIS eliminates intermediary bank fees and high currency conversion charges.
- Enhances Security – The QRIS system uses strong encryption and real-time verification to prevent fraud.
- Provides Easy Access – Exporters and importers only need a smartphone to conduct hassle-free transactions.
How QRIS Works in International Trade
BI is collaborating with central banks in other countries, such as Thailand, Malaysia, and Singapore, to link QRIS with their digital payment systems. Businesses can now make payments in local currency, which automatically converts at competitive exchange rates.
Countries Supporting Cross-Border QRIS
- Thailand (integrated with PromptPay)
- Malaysia (connected with DuitNow)
- Singapore (using PayNow)
- Other ASEAN countries in development
This collaboration accelerates ASEAN digital economic integration while opening greater opportunities for Indonesian MSMEs to go global.
Challenges and Future Prospects
Despite its many advantages, using QRIS for export-import still faces several challenges, such as:
- Different regulations between countries that need alignment.
- Uneven adoption by international merchants.
- The need to educate businesses about QRIS benefits in global trade.
However, BI continues to push this innovation through collaborations with various stakeholders. In the future, QRIS is projected to become a global payment standard with increasing adoption.
Conclusion
Using QRIS for export-import payments brings fresh opportunities for businesses. This method not only saves time and costs but also expands market access for Indonesian businesses.
Ready to switch to QRIS for your international transactions? Stay updated with the latest digital payment developments on our platform!
