United States vs Indonesia · Real-time payment systems compared
| Capability | FedNow | QRIS |
|---|---|---|
| QR Code Payments | — | ✓ |
| Wallet Support | — | ◐ |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | ◐ |
| ISO 20022 | ✓ | — |
| Request to Pay | ✓ | — |
| Open API | ✓ | ◐ |
| Alias/Proxy | — | — |
The Federal Reserve's instant payment service enabling US banks and credit unions to send and receive payments in seconds, 24/7/365. Launched in July 2023, FedNow is the first new Fed payment rail in 50 years and aims to democratise instant payments by giving all 10,000+ US depository institutions direct access (unlike the private-sector RTP). Supports credit transfers up to $500K with plans to add request-for-payment and other features. Note: FedNow shows extreme growth rates as it scales from a low base — value jumped 35x in Q3 2024 as larger institutions onboarded, which is typical for newly launched payment systems.
Indonesia's national QR code standard (Quick Response Code Indonesian Standard) that unifies QR payments across banks, e-wallets (GoPay, OVO, Dana, ShopeePay), and the BI-FAST rail into a single interoperable code. Unlike most payment systems that are a single rail, QRIS is a multi-rail standard — merchants display one QR code that consumers can scan with any participating app, with settlement happening through whichever rail the consumer's app uses. Mandated by Bank Indonesia, QRIS processed 34B+ transactions in 2024 and is central to Indonesia's financial inclusion strategy for its 17,000-island archipelago.