Bank Indonesia has launched a cooperation with the Bank of Thailand that enables consumers and merchants in both countries to make and accept instant cross-border quick response (QR) payments for goods and services. This is in line with the principles of the ASEAN Central Bank Governors’ Meeting in April 2022 (which is one of Indonesia’s G20 Presidency Events) and Indonesia’s Payment System 2025 Visions. The Quick Response Indonesian Standard (QRIS) and Thai QR codes will be used in this cooperation.
The QRIS was previously launched in August 2019 as part of Indonesia’s Payment System 2025 Visions. This standard must be used for all electronic payments that use QR codes in Indonesia.
The cooperation aligns with the ASEAN Agreement on Electronic Commerce, which provides a set of policies, principles, and rules to govern cross-border e-commerce in the region. The facilitation and easing of cross-border payments is one of the pillars that will support the implementation of cross-border electronic trading objectives encompassed in the ASEAN agreement.
Bank Indonesia is currently exploring a similar cooperation with other countries, such as Singapore and Malaysia. In Malaysia’s case, the cooperation has been on the pilot phase since January 2022, and is targeted for a full commercial launch in the third quarter of 2022. In Singapore’s case, the cooperation is targeted for launch in the second half of 2023.
You can read the full alert – Indonesia: The launch of cross-border QR payment linkage on Baker McKenzie’s InsightPlus. You can also read more about the QRIS on our previous alert – Bank Indonesia Launches an Indonesian Standard for QR Codes on Independence Day.
