Bank Indonesia is preparing a cross-border regulation on QR code transactions that is expected to come into effect early next year.
“The cross-border regulation is for regulating QR code transactions in rupiah made by foreign players,” a BI source said as quoted by kontan.co.id on Sunday.
The unnamed source said the regulation would facilitate domestic financial institutions to cooperate easily with foreign platforms like WeChat and Alipay that offer QR code payment options.
Banks and other financial institutions have supported BI’s move. Information technology and operations director Dadang Setiabudi of state-owned lender PT Bank Negara Indonesia (BNI) said that cooperation with foreign QR Code payment service providers would be easier with the regulation.
“It will be easier because there will be a clear procedure. We simply follow the procedure [in the planned regulation,” he said.
Meanwhile, business director Anthoni Morris of switching company Artajasa Pembayaran Electrinic (ATM Bersama) expressed the hope that the planned regulation would provide clear rules on cross-border payments.
Cross-border transactions are still new among switching companies, particularly non-card based payment services like QR code transactions that also involved merchants.
Meanwhile, BI policy and payments head Onny Widjanarko said the planned regulation would support the central bank’s existing regulation on electronic money (e-money).