IPB University Economics Expert Responds to US Criticism of QRIS: Momentum to Strengthen Financial Inclusion and Global Cooperation

IPB University Economics Expert, Dr Eisha Maghfiruha Rachbini, responded to the United States Trade Representative (USTR) report that called the Quick Response Code Indonesian Standard (QRIS) an obstacle to financial services in Indonesia.

In the report, the US assessed the lack of involvement of financial service providers and payment companies from the United States in the QRIS implementation process. 

Furthermore, US companies were not given enough opportunities to be involved or provide input since the early stages of development. In addition, QRIS is also considered technically incompatible with international payment systems.

In response, IPB University’s Faculty of Economics and Management (FEM) lecturer Dr Eisha explained that QRIS developed by Bank Indonesia aims to accelerate financial inclusion and efficiency of the national payment system. 

“QRIS is designed so that people can more easily access digital financial services across platforms, both banking and non-banking institutions,” she said.

Dr Eisha added that the implementation of QRIS has had a real impact on reducing transaction costs for businesses, consumers, and banks.

This, she said, encouraged an increase in the use of QRIS as an efficient and safe means of payment, and helped stimulate the national economy.

Regarding the US criticism, Dr Eisha considered that it was an important reminder to continue to improve the quality and competitiveness of QRIS both nationally and expand its reach globally.

“Bank Indonesia has currently established bilateral cooperation for the use of QRIS across countries, as a cross-border payment instrument that can be used between countries, such as with Malaysia, Thailand,” she said.

According to her, the opportunity to open wider collaboration, including with payment service providers from the US, is still very open. “In fact, this criticism can be a trigger to strengthen international cooperation in cross-border payment systems,” she concluded.

Dr Eisha hopes that this US criticism will become a trigger so that QRIS can continue to improve its services, expand and open greater financial access, and have an impact on inclusive economic growth. (dr) (IAAS/LAN)