Stanchion Payments, a global payment technology solutions provider, has released the latest instalment of its Voices from the Market series, shining a spotlight on Indonesia’s rapid transformation into one of the world’s most dynamic mobile-first payment environments.
Drawing on insights from Austrade Indonesia, the analysis identifies the Quick Response Code Indonesian Standard (QRIS) as the “hero” of this evolution—a national standard that has fundamentally reshaped Southeast Asia’s largest economy.
QRIS: From novelty to national infrastructure
Once a convenient alternative to cash, QRIS has evolved into a comprehensive digital commerce layer. According to Stanchion, the system is now used by tens of millions of consumers and accepted by more than 30 million merchants, ranging from street vendors to large retailers.
The technology has democratised acceptance, allowing users to tap a vendor’s code via a digital wallet and complete transactions in under a second. Beyond speed, Stanchion describes QRIS as an “ecosystem builder,” creating a framework that now accommodates innovations like digital identity, tokenisation, and merchant-level services.
Austrade: A market set to double
The report features perspective from Austrade Indonesia, which recently launched the Indonesian Fintech Playbook in partnership with the Indonesian Fintech Association.
Lauren Adams, trade and investment commissioner at Austrade, highlighted the staggering growth trajectory of the sector:
“Indonesia’s payment ecosystem is growing fast, with digital payments set to increase from A$630billion in 2024 to A$1.3trillion in 2030, driven by strong growth in e-commerce and the expansion of QRIS… New features like QRIS Tap and ongoing cross-border QR pilots make payments easier and faster for both consumers and merchants.”
Adams noted that Austrade is actively fostering collaboration between Indonesian and Australian fintech ecosystems to accelerate innovation, particularly in regulatory technologies (RegTech) and AI-powered solutions.
The regulatory blueprint
The transformation is underpinned by Bank Indonesia’s Payment System Blueprint 2025–2030, which Stanchion praises for its proactive stance. The central bank’s roadmap prioritises interoperability, AI-driven fraud controls, and readiness for future rails including Central Bank Digital Currencies (CBDCs).
This regulatory clarity is supporting a shift toward higher-order infrastructure. With mobile penetration high and a median population age of around 30, the market is moving beyond basic acceptance toward sophisticated capabilities like biometric verification, API-led onboarding, and cross-border transactions.
What’s next?
Stanchion’s analysis suggests that QR-led economies “do not stay still.” As Indonesia transitions into its next phase, banks and fintechs are expected to build new product layers on top of QR rails, including loyalty engines, instant refund logic, and interoperable virtual card solutions.
“Indonesia is defining what a modern QR-led economy can achieve,” Stanchion concluded. “With a vast market scale, progressive regulatory frameworks and strong participation from both local and international partners, the country is transitioning into its next phase of interoperability.”