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Summary

The video discusses the groundbreaking success of Indonesia's national QR payment system, Kris, launched in 2020. It highlights how the system, designed by Bank Indonesia, has rapidly gained traction with over 55 million users and 36 million merchants by 2024. Kris has outpaced global players like Visa and Mastercard, offering lower fees and connecting Indonesia's small businesses to the digital economy. The success of Kris has raised concerns in the US, with American companies fearing loss of control over global financial systems. The video emphasizes the importance of maintaining Kris' neutrality and avoiding political manipulation to ensure its continued success and benefits for Indonesians.

Takeaways

• 😀 Kris (Quick Response Code Indonesian Standard) is a successful digital payment system launched in Indonesia in 2020 by Bank Indonesia.
• 😀 By 2024, Kris had processed over 6.24 billion transactions worth 659 trillion IDR, with 55 million active users and 36 million merchants.
• 😀 Kris outperforms other countries' national QR code systems, such as India's UPI, Brazil's PIX, and Thailand's Prompt Pay, in terms of scale and adoption.
• 😀 The U.S., particularly Visa and Mastercard, expressed concerns about Kris, as it threatens their dominance in the global payment market.
• 😀 The adoption of Kris has led to a decrease in Visa and Mastercard's market share in Indonesia, with their combined share dropping from 83% to 62%.
• 😀 Kris' low transaction fees, such as 0% for small transactions, make it a more attractive option for small and medium-sized businesses compared to traditional card payments.
• 😀 The success of Kris is attributed to its inclusive, domestic approach, with wide support from banks, fintech companies, and government entities.
• 😀 Kris was created as part of Indonesia's vision for a unified payment system, with support from Bank Indonesia and collaboration with various industry players.
• 😀 While Kris has been successful, there is a concern that it could be politicized, which may harm its integrity and effectiveness in the future.
• 😀 The speaker emphasizes the importance of maintaining a technocratic approach to Kris, involving industry leaders and avoiding political interference to ensure its continued success.

Q & A

What is Kris and why is it considered a national success for Indonesia?

Kris, which stands for Quick Response Code Indonesian Standard, is a national digital payment system launched in 2020 by Bank Indonesia. It enables businesses, from small vendors to large stores, to accept payments through a single QR code, simplifying transactions. The success of Kris is evident in its rapid adoption and large scale, with millions of users and merchants, making it one of the most successful digital payment projects in Indonesia's history.

How successful has Kris been in terms of adoption and transaction volume?

Since its launch, Kris has shown extraordinary growth. In its first year, it recorded 124 million transactions worth IDR 8 trillion. By 2024, the number of transactions had increased to 6.24 billion, totaling IDR 659 trillion. This shows a growth of over 159% in transaction volume and 141% in value from the previous year.

Why did the United States express concerns about Kris?

The United States, particularly through the United States Trade Representative (USTR), raised concerns because Kris and the Indonesian National Payment Gateway (GPN) were seen as a threat to American companies like Visa and Mastercard, which had dominated the global financial transaction system. Kris's success in Indonesia reduced the market share of Visa and Mastercard in the country, threatening their longstanding control over digital payments.

What impact did Kris have on Visa and Mastercard in Indonesia?

Kris significantly reduced the market share of Visa and Mastercard in Indonesia. While Visa once held 57% and Mastercard 26%, by 2024, their shares had dropped to 38% and 24%, respectively. The total transaction volume of Kris in 2024 was USD 43 billion, surpassing Visa and Mastercard's volume in the country.

How does Kris benefit small businesses (UMKM)?

Kris offers small businesses (UMKM) a cost-effective and efficient digital payment solution. For small transactions under IDR 500,000, there are no fees, making it a highly attractive option compared to credit card payment systems, which charge a merchant discount rate of up to 2%. This simplicity and affordability contribute to Kris's widespread adoption among small businesses.

Why is Kris considered a threat to global financial dominance?

Kris represents a shift away from dependence on global financial giants like Visa and Mastercard, allowing Indonesia to have a more independent and locally controlled digital payment ecosystem. If more developing countries adopt similar systems, it could weaken the global financial dominance of these companies, especially in regions like Southeast Asia.

What is the potential danger if Kris becomes politicized?

The main danger is that Kris, a successful project benefiting the public, could be hijacked by political interests. If politicians use the system for personal gain or leverage it for electoral purposes, it could distort its purpose and hinder further development, turning a national asset into a political tool that harms the public's trust and the system's integrity.

How did Bank Indonesia contribute to the success of Kris?

Bank Indonesia played a pivotal role in Kris's success by launching it in 2020 as part of Indonesia's Vision 2025 for the payment system. They recognized the need for a single, unified digital payment standard and collaborated with various stakeholders, including banks, fintech companies, and startups, to create Kris. The project's success was also driven by its compliance with international EMV Coin standards, making it globally compatible while remaining a local initiative.

What role did collaboration with industry players play in the success of Kris?

The collaboration with industry players, including large banks like BCA, Mandiri, and BRI, as well as popular e-wallet providers like Gopay and OVO, was crucial for Kris's success. By involving key stakeholders in the process, from development to deployment, Kris ensured that all major players were on board, which led to smoother implementation and adoption across the country.

What is the long-term potential of Kris and how could it evolve in the future?

Kris has the potential to evolve and continue expanding in Indonesia, especially with advancements such as Kris Tab, which uses NFC technology for even faster payments. There is also the possibility of integrating global payment systems like Apple Pay and PayPal into Kris. However, its long-term success depends on maintaining a neutral, efficient, and non-politicized development path to ensure its continued benefit to the public and the economy.