Ant Group’s Alipay platform is on track to expand its presence in Indonesia after grabbing approval from regulators for a cooperative relationship with one of its biggest banks.
Bank Indonesia (BI) – being the Indonesian central bank, and the Indonesian Financial Services Authority (OJK) have given their approval for Bank Rakyat Indonesia (BRI) to enter a partnership with Alipay that will see it accept and process payments transactions from the Alipay platform.
This means that Chinese consumers will be able to use the Alipay app to make payments at vendors in Indonesia that support the Quick Response Code Indonesian Standard (QRIS).
BRI is one of the largest commercial banks in Indonesia, and a leading local provider of digital payments solutions.
BI first issued QRIS regulations in 2019 which came into effect on 1 January 2020. Under the regulations all payments transactions in Indonesia that make use of QR codes must satisfy QRIS requirements, while payments organisations must apply for a license with BI before commencing operation.