Indonesia’s QRIS launches feature for fund transfers, ATM withdrawals

QRIS payment with e-wallet Dana / Photo credit: Dana

QRIS, Bank Indonesia’s QR code-based digital payment system, is adding a feature for fund transfers, withdrawals, and deposits.

Bank Indonesia, the county’s central bank, has set an implementation timeline for the new service. Called QRIS Tuntas, the feature is set to be implemented by participating financial institutions between September 1 to November 30. The rollout involves both banks and non-banks such as e-wallets.

With QRIS Tuntas, users can transfer funds to any bank or e-wallet account, as long as the recipient has a QRIS code. At 2,500 rupiah (US$0.16) per transfer, the fee is equal to what BI Fast, Bank Indonesia’s interbank funds transfer method, charges consumers.

Users who wish to withdraw or deposit cash may do so through participating ATMs or QRIS merchants and agents who support the feature.

The central bank also said it is trialing cross-border QR payments with the Monetary Authority of Singapore. Thailand and Malaysia have already implemented the system.

While e-wallet players like GoPay, Ovo, and Dana first popularized digital payments in Indonesia, new systems like QRIS and BI Fast are leveling the playing field for traditional banks. Most banks’ mobile banking apps support QRIS payments, and some of them have more active users compared to e-wallets.

“QRIS Tuntas aims to push inclusion by widening digital payment access to the entire Indonesian population, especially among underprivileged groups, with coverage across the country, including rural localities,” said Bank Indonesia governor Perry Warjiyo in a statement.

See more: QRIS, BI Fast propel banks’ fight against e-wallets in Indonesia