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View all search resultshe cross-border QRIS payment link between Indonesia and China, which went live on April 30, is expected to expand to other Chinese digital payment platforms, including WeChat Pay, industry and central bank officials have said.
Currently, the system that allows Indonesians and Chinese to transact directly in rupiah and yuan under the local currency transaction (LCT) scheme is only available via Alipay and UnionPay.
Bank Indonesia (BI) Deputy Governor Filianingsih Hendarta told Kompas.com on Wednesday that an expansion to WeChat Pay would be carried out in stages, depending on the technical, operational and regulatory readiness on both sides.
"In parallel with the future expansion of acceptance, we will continue to prioritize strengthening the initial implementation and existing acceptance," she said, as reported by Kompas.com.
Fili added that BI was working to strengthen the ecosystem, including expanding merchant acceptance and improving user education in both countries.
However, she acknowledged several challenges, such as harmonization of technical standards, user awareness and alignment of operational and regulatory frameworks.
During the sandboxing period, the Indonesia-China QRIS recorded more than 1.6 million inbound transactions worth around Rp 550 billion (US$31.7 million), and roughly 8,900 outbound transactions worth Rp 6.4 billion, figures that Fili said demonstrated strong demand for cross-border QRIS payments.
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