Bank Indonesia (BI) is now working to reach its target for Quick Response Indonesia Standard (QRIS) code system that aims to universalize cashless payment in the country.

"We will apply QRIS on January 1, 2020, which aims to provide a transition period of preparation for Payment System Service Providers (PJSPs)," disclosed Jakarta BI Representative Head, Hamid Ponco Wibowo, Wednesday (8/21).

Wibowo explained that QRIS transaction nominal is limited to a maximum of Rp 2 million for unregistered application owners, but those who have registered above Rp 2 million.

It will also be applied on payment transaction using a source of funds or payment instruments issued outside Indonesia.

"Companies that issue a foreign payment instrument must cooperate with an acquirer in Indonesia, in the form of a four BUKU Bank," he expressed.

Then for PJSPs that have yet to apply QRIS must adjust QR payment by the end of this year.