The Bank of Indonesia has signed an agreement with WeChat and CIMB Niaga, a BUKU IV bank, allowing the use of WeChat Pay in Indonesia, reported Antara. WeChat Pay makes use of the quick response (QR) code system and will adhere to the Quick Response Code Indonesian Standard (QRIS), the report added. A BUKU IV Bank is part of the IV category of commercial banks based on Business Activities (BUKU) list.
As a foreign payment service provider, it was vital for WeChat Pay to adhere to the provisions in the Regulation of the Members of the Board of Governors (PADG) Number 21/18/2019 concerning the Implementation of the National Quick Response Code Standard for Payment. Quoting the PADG, Antara said it was necessary for WeChat Pay to establish a cooperation with a BUKU IV category bank in order to be listed as a domestic payment service provider.
According to Antara, WeChat Pay was previously available in Bali before receiving clearance from the Central Bank and it was a common payment platform among Chinese tourists who wanted to engage in activities in Bali. As a result, the Central Bank and provincial government of Bali have taken action against retailers that aided in the use of WeChat Pay in Indonesia when it did not meet the regulation requirements, Antara added. Marketing Interactive has reached out to Bank of Indonesia and WeChat for comment.