QRIS Dibilang PROTEKTIF Sama Amerika… Tapi Kenapa Transaksinya Gila Gilaan?

Summary

This video explores the rise of Indonesia's Quris barcode payment system, which has revolutionized transactions for local businesses and small merchants. Despite its success, drawing criticism from global players like Visa and Mastercard, Quris has become a tool of digital sovereignty for Indonesia, maintaining data locally and minimizing transaction costs. The video delves into how Quris challenges global financial systems, promotes ASEAN economic independence, and protects local businesses. It also highlights security concerns, infrastructure risks, and the global tug-of-war between innovation and geopolitical interests, positioning Quris as both a local victory and a player in the global economic arena.

Takeaways

• 😀 Quris is a QR payment system developed in Indonesia, now used by 56 million users as of Q1 2025.
• 😀 95% of Quris merchants are small businesses (UMKM), including local vendors like street food sellers and small shops.
• 😀 The growth of Quris has been impressive, with transactions soaring from Rp 8 trillion in 2020 to Rp 659 trillion in 2024.
• 😀 Quris simplifies digital payments by unifying different payment methods like Ovo, GoPay, and Dana into one QR code, making it easier for consumers and merchants.
• 😀 The system charges a low transaction fee (as low as 0%), compared to international competitors like Visa and Mastercard, which charge higher fees (1.5% to 3.5%).
• 😀 Quris has expanded beyond Indonesia, allowing transactions in neighboring ASEAN countries like Malaysia, Thailand, and Singapore without relying on US dollars.
• 😀 The growing use of Quris contributes to a shift away from the dominance of the US dollar, part of a larger trend of 'dedollarization'.
• 😀 Quris faces challenges like cybersecurity threats, with instances of QR phishing attacks, and infrastructure reliance on a few data centers, which can disrupt transactions during outages.
• 😀 The Indonesian government and Bank Indonesia are taking steps to secure and expand Quris' infrastructure, including backup data centers and offline transaction modes using NFC and Bluetooth.
• 😀 While Quris is aligned with global standards like MVCO, it faces criticism from the US for not being fully compatible with the global ISO 2022 financial communication standards, potentially delaying cross-border settlements.
• 😀 Quris represents a balancing act between maintaining digital sovereignty for Indonesia and integrating into the global financial system, similar to India's success with UPI (Unified Payments Interface).

Q & A

What is CURIS and how does it work in Indonesia?

CURIS is a QR-based payment system developed in Indonesia, designed to simplify transactions for small and medium-sized businesses (UMKM). It allows users to make payments using various digital wallets like Ovo, GoPay, Dana, and others, all via a single QR code.

How has CURIS impacted small businesses in Indonesia?

CURIS has positively impacted small businesses by offering low transaction fees (as low as 0%), which helps keep operational costs down. As a result, many UMKMs have benefited from increased transactions and growth in their businesses.

Why has the United States criticized CURIS?

The United States has criticized CURIS for being 'too protective,' claiming that its regulations create barriers for global payment systems like Visa and Mastercard. The U.S. argues that CURIS's approach hinders foreign companies from entering the Indonesian market.

What is the National Trade Estimate report, and how does it relate to CURIS?

The National Trade Estimate (NTE) report is a U.S. government document that evaluates trade practices of other countries. In 2025, it criticized CURIS for being non-transparent and restrictive towards foreign players, citing the 20% cap on foreign ownership and CURIS's modification of global payment standards.

How does CURIS differ from global payment systems like Visa and Mastercard?

CURIS charges significantly lower fees (0.7% or even 0%) compared to Visa and Mastercard, which charge 1.5% to 3.5% per transaction. Additionally, CURIS keeps all transaction data within Indonesia, maintaining data sovereignty, while Visa and Mastercard operate globally with cross-border data storage.

What is the significance of CURIS in the context of ASEAN payment systems?

CURIS is part of a regional effort to create a local payment system within ASEAN that reduces reliance on the U.S. dollar. Through initiatives like ASEAN Payment Connectivity, CURIS enables cross-border payments in local currencies (such as the Indonesian Rupiah, Malaysian Ringgit, and Singapore Dollar), circumventing the U.S. dollar.

What challenges does CURIS face despite its success?

Despite its success, CURIS faces challenges such as cybersecurity risks (e.g., QR phishing) and dependency on key data centers in Indonesia. If these centers experience downtime, transactions could be delayed, which could disrupt the operations of UMKMs reliant on CURIS.

How does CURIS ensure the security of transaction data?

CURIS ensures security by keeping transaction data stored locally in Indonesia, adhering to the country's data protection regulations. This prevents sensitive financial data from being stored abroad and reduces the risk of international data breaches.

What is the concept of 'digital sovereignty' as it relates to CURIS?

Digital sovereignty refers to a country's control over its digital infrastructure, data, and systems. CURIS embodies Indonesia's digital sovereignty by ensuring that all transaction data stays within the country, protecting local businesses and limiting foreign influence on its financial ecosystem.

What are the potential geopolitical implications of CURIS and similar systems?

CURIS is part of a broader trend of 'dedollarization,' which seeks to reduce dependency on the U.S. dollar for international trade. By enabling local currency settlements in ASEAN, CURIS challenges the global dominance of the U.S. dollar, which could have significant geopolitical and economic consequences, including a shift in the balance of financial power.