Indonesia’s central bank approved a standard QR code system, with mobile payment providers given until the end of the year to upgrade platforms to accept the new protocols.

In a statement, Bank Indonesia said the introduction of a national standard for mobile payments would improve transactional efficiency and accelerate financial inclusion efforts in the country.

The bank added it would also benefit small and medium sized businesses as it would improve the efficiency of their operations.

Once rolled out, the QR code system will be used for transactions through mobile payment providers, electronic wallets and mobile banking applications.

The move comes after a number of tests and the formation of a working group in the country in September. Its system will follow international guidelines, allowing providers in Indonesia to process remittance transactions originating in other countries.

At the launch ceremony, Bank Indonesia governor Perry Warjiyo (pictured, centre) said the system would ultimately help stimulate economic growth in the country.