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Indonesia launches new standard for QR codes

Bank Indonesia has launched a standard for quick-response, or QR, codes for all electronic payments in the country. This pave the way for integration among various electronic payment service providers. Called the QR Code Indonesian Standard (QRIS), it will allow users of server-based electronic money applications, electronic wallets and mobile banking services to use the same QR code across platforms, instead of having separate QR codes for different services. Buyers or customers can complete their transaction by scanning QR codes provided by sellers or merchants. The central bank gave commercial banks and eWallet providers about 4 months to adopt the new standard before the nationwide QRIS implementation on 1 January 2020.The central bank has been working on the new standard since last year, assisted by the Indonesian Payment System Association (ASPI). The central bank adopted the EMVCo 1 standard to ensure seamless integration with existing card-based payment networks Europay, MasterCard and Visa.

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