Recently, the U.S. government listed Indonesia’s standardized QR code payment system—QRIS (Quick Response Code Indonesian Standard)—as a potential trade barrier in its official 2025 National Trade Estimate (NTE) Report. The move has sparked international debate over digital payment sovereignty, market access for foreign firms, and the broader question of fair trade in the digital era. QRIS is now at the center of Indonesia’s rapidly growing fintech landscape.

QRIS: A Catalyst for Indonesia’s Cashless Economy

Launched by Bank Indonesia in 2019, QRIS was designed to unify QR code payments across all e-wallets and banking platforms, streamlining transactions for users. Its implementation has accelerated the adoption of cashless payments and enhanced financial inclusion, especially for micro and small enterprises by reducing transaction costs and increasing accessibility.

According to official data, QRIS transactions grew by more than 169% year-over-year in Q1 2025. This surge underscores the strong public trust in digital payments and has positioned Indonesia as a leader in Southeast Asia’s move toward a cashless economy.

Why Does the U.S. View QRIS as a Trade Barrier?

In its NTE Report, the U.S. claims that QRIS, alongside Indonesia’s National Payment Gateway (GPN), may hinder foreign payment providers such as Visa and Mastercard from fully accessing the Indonesian market.

From Washington’s perspective, the Indonesian system:

• • Restricts market entry for foreign payment companies
  • Reduces competitiveness for multinational financial firms
  • Favors domestic infrastructure and banking networks

With QRIS gaining significant traction locally, concerns have emerged that it could diminish the market share and operating space for global payment giants.

Indonesia Responds: QRIS Welcomes Global Participation

In response to the report, Bank Indonesia quickly clarified its position. Deputy Governor Destry Damayanti emphasized that QRIS is not designed to exclude foreign companies, and that Visa and Mastercard remain dominant players in Indonesia’s cashless payment sector.

“We welcome all international payment partners to be part of the QRIS ecosystem and jointly drive innovation in digital finance,” she stated.

Coordinating Minister for Economic Affairs Airlangga Hartarto echoed this sentiment, stressing that Indonesia remains committed to building an open and inclusive payment ecosystem, and has not issued any regulations restricting foreign participation in QRIS or GPN.

The Bigger Picture: Digital Sovereignty in a Globalized Economy

This situation goes beyond a bilateral trade issue. It reflects a global shift where countries are asserting greater sovereignty over digital payments and financial infrastructure.

Emerging economies like Indonesia are striving to:

• • Build more resilient and self-reliant financial systems
  • Reduce dependence on foreign payment networks
  • Encourage local innovation and digital infrastructure development

At the same time, they must balance this with commitments to open markets and fair competition, especially under international trade frameworks. The key challenge ahead lies in aligning national goals for financial independence with global expectations for access and cooperation.

NBK Helps Chinese Enterprises Navigate Indonesia’s Financial Ecosystem

In today’s increasingly complex economic landscape, Nusantara Bisnis Konsultan (NBK) supports Chinese enterprises in meeting Indonesia’s compliance and operational challenges. Our services focus on:

• • Tax compliance & financial optimization
  • Cross-border payment solutions
  • Investment project advisory & financial consulting

As your trusted partner in Indonesia, we help you stay informed of policy changes, optimize your tax exposure, and ensure your financial operations stay compliant—so you can focus on growth with confidence.