Indonesia, Malaysia start QR code payment link

SGGPO 05/08/2023 18:44

This allows Indonesian and Malaysian residents to make real-time retail payments by scanning the Indonesian Standard QR Code (QRIS) or DuitNow QR code directly at stores or online stores using the services of participating financial institutions.

Pay by scanning the Indonesian Standard QR Code (QRIS). Photo: lowyat.net

On May 8, Bank Indonesia (BI) and Bank Negara Malaysia (BNM) officially announced the cross-border payment linkage using quick response (QR) codes after completing the testing phase from January 27, 2022.

This allows Indonesian and Malaysian residents to make real-time retail payments by scanning the Indonesian Standard QR Code (QRIS) or DuitNow QR code directly at stores or online stores using the services of participating financial institutions.

Malaysia's Bernama news agency quoted a joint statement from BI and BNN emphasizing that the QR code payment link will promote strong economic ties between Indonesia and Malaysia, while supporting a more inclusive and robust post-Covid-19 economic recovery.

According to lowyat.net, participating financial institutions in Malaysia include CIMB, Hong Leong Bank, Maybank, Public Bank and TNG Digital, which acts as the issuer for the seller.

On the Indonesian side, participating banks for sellers are Bank Sinarmas, DANA, Bank Permata, Bank CIMB Niaga, Bank Pembangunan Daerah (BPD) Bali, Bank Syariah Indonesia, LinkAja, Bank Central Asia, Ottocash and Bank Mega.

As international tourism grows, payment linkages will not only provide convenience to tourists but also benefit the tourism and retail sectors of both economies. Currently, Malaysia has cross-border QR payment linkages with Singapore, Indonesia and Thailand.

In the statement, BI Governor Perry Warjiyo stressed that payment linkage provides more choices for users in cross-border payment transactions and is key to improving efficiency, promoting digital economy and financial inclusion in the region, as well as maintaining macroeconomic stability by promoting the widespread use of local currencies in bilateral transactions under the Local Currency Transactions Framework.

For her part, BNM Governor Nor Shamsiah Mohd Yunus affirmed that ASEAN is now more connected than ever. More users from Malaysia and Indonesia will benefit from a safer, more seamless and more efficient experience in making and receiving cross-border payments, which has the potential to significantly boost economic activities, including tourism spending in both countries.

Source: https://www.sggp.org.vn/indonesia-malaysia-bat-dau-lien-ket-thanh-toan-bang-ma-qr-post688804.html