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Indonesia, Malaysia debut cross border QR payment system
The new linkage carries on efforts by Southeast Asian central banks to integrate the region's payment systems.
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A small coffee business displays its goods and a QRIS code at an MSME event in Bangli, Bali, on Aug. 9, 2020. (Courtesy of the Tourism and Creative Economy Ministry)
B
ank Indonesia (BI) and Bank Negara Malaysia (BNM) launched on Thursday a system that enables cross-border payments via the countries’ national QR code networks as part of Southeast Asian central banks' efforts to create fast and efficient retail payment systems in the region.
The Cross-Border QR Payment Linkage enables merchants and customers in both countries to make and receive payments using either the QR Code Indonesia Standard (QRIS) or the Malaysian DuitNow QR codes displayed by offline and online merchants.
BI and BNM wrote in a joint statement on Thursday that the system was in a pilot phase and was expected to become fully commercial in the third quarter of 2022.
“This initiative links cross-border payments through the interconnection of national QR codes of the two countries,” BI deputy governor Doni P. Joewono said in a statement.
He added that, in the future, the cross-border system would be expanded to facilitate cross-border remittance, where users in both countries could make real-time fund transfers.
BI also began testing a cross-border payment system with the Bank of Thailand (BOT) in August 2021, which is expected to become fully commercial in the first quarter of this year.
Read also: Indonesia, Thailand debut cross-border QR payment system
