Ex-GoPay employee here. Thanks for the solid write-up! I still remember those days (circa 2019) when merchants had to have multiple QR code signs for GoPay, Dana, OVO, etc. like it was yesterday. The open secret was that we were all burning VC funding to compete for the same eyeballs but it was ultimately a race to the bottom. QRIS has undoubtedly been a solid regulatory FinTech intervention.
next step should be the full digitalization of private and state-backed banks by turning them into neobanks, preferably by utilizing permissioned blockchain rails.
I agree, the standardization of QRIS was key to making everything work. A notable trend to observe is that this development didn't occur in a vacuum; other Asian countries either already had a standardized code, followed suit, or were also in the process of implementing similar policies. Singapore, Malaysia, and India all come to mind.
You have to tip your hat to BI for being able to mend all the different players in the ecosystem. While I simplify BI and ASPI's cooperation into a few paragraphs, one can only imagine the intense lobbying that was happening at the time.
Ex-GoPay employee here. Thanks for the solid write-up! I still remember those days (circa 2019) when merchants had to have multiple QR code signs for GoPay, Dana, OVO, etc. like it was yesterday. The open secret was that we were all burning VC funding to compete for the same eyeballs but it was ultimately a race to the bottom. QRIS has undoubtedly been a solid regulatory FinTech intervention.
next step should be the full digitalization of private and state-backed banks by turning them into neobanks, preferably by utilizing permissioned blockchain rails.
I agree, the standardization of QRIS was key to making everything work. A notable trend to observe is that this development didn't occur in a vacuum; other Asian countries either already had a standardized code, followed suit, or were also in the process of implementing similar policies. Singapore, Malaysia, and India all come to mind.
You have to tip your hat to BI for being able to mend all the different players in the ecosystem. While I simplify BI and ASPI's cooperation into a few paragraphs, one can only imagine the intense lobbying that was happening at the time.