Asia-Pacific · GDP rank #15
Indonesia
ID · IDR @ 0.0000566/USD
South East Asia's largest payments market continues to move from cash to QR faster than any G20 economy. QRIS transactions reached 7.83 billion year-to-date by May 2026 with 45 million merchants and 63 million users; Bank Indonesia opened the QRIS-China corridor on 30 April 2026, connecting 40 million Indonesian merchants to Alipay/UnionPay travellers. BI-FAST is the mature inter-bank rail; the wallet war between GoPay, OVO, DANA and ShopeePay continues to compress.
Tab 03
Rails & infrastructure
The instant rail, the RTGS spine, the card switch, the direct-debit scheme, and the country's CBDC stance. Each rail is reported with operator, launch year, and 2024 flow so the relative scale across rails is readable at a glance.
CBDC status is deliberately granular: live, pilot, preparation, live stalled, and sceptical, no pilot are different things.
Project Garuda is Bank Indonesia's CBDC programme. Wholesale design (w-CBDC) is at pilot with tokenised-deposit settlement on DLT (BCA, Mandiri, BRI, BNI). Retail design deferred to post-2027; BI stance is that QRIS and BI-FAST already meet most retail-CBDC use cases.
Instant payments
BI-FAST + QRIS overlay
The instant leg typically carries the vast majority of retail consumer flow in modern payment systems — and sits in direct tension with card networks and wallets for the same transactions.
- Operator
- Bank Indonesia
- Live since
- 2021-12-09
Transactions · 2024
txns/year · 2024
Cleared value · 2024
IDR/year · 2024
Participating institutions
institutions · 2024
Alias registrations
aliases · 2024
Rail features
- ▌24/7/365 clearing with near-instant finality; fee cap Rp2,500 per P2P transfer
- ▌ISO 20022 messaging since launch
- ▌QRIS unifies QR across 80+ e-money wallets, banks and schemes onto single merchant presentment
- ▌Cross-border QRIS interoperability with TH, SG, MY, VN, PH (operational 2022-2024); JP and KR corridors in 2026 pilot
RTGS
Real-time gross settlement
The RTGS spine clears high-value interbank flow — including the settlement of the instant-rail cycles and card-network net positions. Transaction count is modest; cleared value is enormous.
Transactions · 2024
txns/year · 2024
Cleared value · 2024
IDR/year · 2024
Open banking
Regulatory and technical posture
- Regime
- SNAP (Standar Nasional Open API Pembayaran) — Bank Indonesia
- Live Since
- 2021-08-17
Active SNAP-registered API consumers
fintechs/PSPs · Q4 2025
Monthly SNAP API calls (aggregate)
calls/month · Q4 2025
Full reference