Digitalization of Cross-Border Payment Systems Based on QRIS: An Islamic Economic Perspective

Abstract

The accelerating digital transformation of global financial systems has made cross-border payment interoperability a strategic priority for international trade, monetary stability, and regional economic connectivity. Building on the G20 Roadmap for Enhancing Cross-Border Payments, Indonesia has extended its Quick Response Code Indonesian Standard (QRIS) into QRIS Cross-Border, linking domestic payment systems with several regional partners and enabling local currency transactions that reduce dependence on foreign exchange. While existing studies have examined domestic QRIS adoption factors, limited research has explored QRIS Cross-Border through an Islamic economic lens, leaving unresolved questions concerning its compliance with the prohibitions of riba (usury), gharar (excessive uncertainty), and maysir (speculation). This study aims to analyze the implementation of QRIS Cross-Border as a digital payment innovation and to assess its conformity with Shariah principles, including the maqasid al-shariʿah objective of hifz al-mal (protection of wealth). Using a qualitative literature review methodology, the study synthesizes regulatory reports, international financial institution publications, and Islamic finance literature. Findings indicate that QRIS Cross-Border enhances transaction efficiency, strengthens regional economic integration, and expands financial inclusion, particularly for micro, small, and medium enterprises, while embodying the concept of maslahah through safer and more transparent transactions. Nevertheless, currency conversion mechanisms and fee structures present potential Shariah compliance risks. Theoretically, the study enriches Islamic digital finance governance literature; practically, it informs regulators developing Shariah-compliant cross-border payment policies. The study concludes that QRIS Cross-Border offers substantial promise for inclusive digital economic integration when Shariah safeguards are systematically institutionalized.