Direct international payments, de-dollarisation, and new international financial architectures
International financial architectures (IFAs) in the East and West are showing a trend towards a decline in the use of the dollar in cross-border transactions and an increase in the digitisation of payment systems, with Asia leading the way. In this context, the Quick Response Indonesian Standard (QRIS) was created in Indonesia in 2019, based on Quick Response codes, or QR codes. It allows transactions using standard QR codes without the need for global networks such as MasterCard and VISA.
