Quick Response Code Indonesian Standard Antarnegara (QRIS Cross-Border) Qorus Reinvention Awards - APAC - Winner

1. In today's interconnected world, promoting inclusion, connectivity, and efficiency incross-border transactions is essential for businesses and consumers alike. Cross-border QRIS initiative plays role as a groundbreaking innovation that's set to transform cross border transactions through more strengthened payment connectivity. This initiative leverages the power of QR codes to simplify cross-border payments and commerce, making it easier than ever for businesses to expand market access and for consumers to access products and services from other countries. Cross-border QRIS QRIS breaks down barriers and enhancing connectivity to drive economic growth, global collaboration, and financial inclusion, all while streamlining processes to improve efficiency. This would be an exciting journey as Cross-border QRIS redefines the future of cross-border commerce, making it more accessible, connected, and efficient for everyone. 2. QRIS has been adopted in 34 provinces and 480 cities/regencies across Indonesia. In July 2023, QRIS transaction volume reached 168.94 million transactions (107% year-on year growth), with transaction value reached Rp18 trillion (84% year-on-year growth).The number of QRIS merchants has reached 27.5 million, of which 91.6% of those merchants are MSME. The number of QRIS users has reached 38.24 million. QRIS ecosystem is supported by interconnections among providers, consisting of 107 QRIS Payment Service Providers (PJP) and 4 Payment System Infrastructure Provider (PIP)switching 3. Cross-border QRIS is a digital payment channel that promotes cross-borderinterconnection and interoperability, allowing a single Payment QR Code (QRIS) to facilitate payments from various Bank and Non-Bank providers. The development of QRIS Cross-Border is conducted through synergy with Indonesian Payment System Association (ASPI), industry players and central banks of counterpart countries. 4. Cross-border QRIS is initiated by central banks to facilitate cross-border economic and financial activities, including trade and tourism, through interconnections between switching/providers of both countries. Transaction settlements are conducted using the local currency transaction scheme to support macroeconomic stability based on cooperation between central banks and facilitated by Bank Appointed Cross Currency Dealers (ACCD). 5. Cross-border QRIS facilitates inbound and outbound transactions, allowing users to transact QR payments in counterpart country using payment applications from their respective countries, offering a relatively more cost-efficient solution compared to other methods such as credit cards, overseas ATM withdrawals, and money changer. Cross-border QRIS aligns with the G20 Roadmap for Enhancing Cross-Border Payments and is a concrete manifestation of strengthened regional payment connectivity cooperation in ASEAN within the framework of Regional Payment Connectivity.