An economics expert and lecturer at the Faculty of Economics and Management at IPB University, Dr Eisha Maghfiruha Rachbini, shared her views on the development of the global digital payment system, particularly regarding the adoption of Project Nexus and the role of the Quick Response Code Indonesian Standard (QRIS) within Indonesia.
Project Nexus is a global initiative by the Bank for International Settlements (BIS) aimed at developing an infrastructure for instant cross-border payment systems. Through Project Nexus, the instant payment systems of different countries can be directly connected.
“This creates efficiency, reduces transaction costs, and broadens access to affordable instant payment systems internationally,” said Dr Eisha.
However, concerns among the public that widespread adoption of Project Nexus might “displace” the position of QRIS were responded to by Dr Eisha, who emphasized that the misconception stems from a lack of understanding of the differences between the two.
“QRIS is a front-end system designed for domestic payments, and it can now also be used in some countries through bilateral cooperation. Meanwhile, Project Nexus is a back-end system that connects various cross-border instant payment systems on a multilateral basis,” she explained.
She added that the two systems are fundamentally complementary, not mutually exclusive. “In fact, integrating both can strengthen connectivity and enhance the efficiency of Indonesia’s global payment ecosystem,” Dr Eisha stated.
To make Indonesia not just a user but an active player in the global digital payment ecosystem, strategic involvement from Bank Indonesia is crucial.
“As the authority overseeing the payment system, Bank Indonesia needs to be involved in the development of Nexus. So far, BI has promoted connectivity for QRIS through bilateral agreements with countries like Thailand, Malaysia, and Singapore. Going forward, adopting a multilateral approach can create a more efficient and inclusive payment system,” she said.
Looking ahead, Dr Eisha predicts that the landscape of digital payment systems will be highly dynamic in the next 5–10 years. The digital ecosystem involving service providers, regulators, and consumers will continue to evolve rapidly with technological innovations.
“Payment systems are expected to become increasingly inclusive, user-friendly, efficient, and connected. This will directly impact the growth of transactions and the national economy,” she explained.
However, she also cautioned that technological developments carry risks related to security and financial stability. “Regulators must actively respond to innovations while ensuring the security, affordability, and inclusiveness of digital payment systems,” she concluded. (dr) (IAAS/PRO)
