Today, Bank Negara Malaysia (BNM) and Bank Indonesia (BI) announced the commercial launch of the Indonesia-Malaysia cross-border QR payment linkage. The commercial launch of this linkage follows from the successful completion of the pilot phase of the linkage announced on 27 January 2022.
The commercial launch of this linkage sees a number of participating financial institutions plus non-banks such as CIMB, Hong Leong Bank, Maybank, Public Bank, TNG Digital and etc.
This cross-border QR payment linkage will allow a greater number of people from Indonesia and Malaysia to easily make immediate retail transactions in both countries. They can do so by scanning Quick Response Code Indonesian Standard (QRIS) or DuitNow QR codes at physical stores or online merchants, utilising the services provided by participating financial institutions.
According to Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus:
ASEAN is more connected now than ever. Many more users from Malaysia and Indonesia will benefit from a secure, more seamless and more efficient experience to make and receive cross-border payments.
This in turn has significant potential to boost economic activities, including tourism spending in our two countries. The payment linkage will also help expand markets for some businesses and facilitate increased settlements in local currency, thereby improving financial outcomes.
Governor of Bank Indonesia, Mr. Perry Warjiyo said:
Cross-border QR payment linkage between Indonesia and Malaysia is concrete evidence of strengthened cooperation on Regional Payment Connectivity to promote faster, cheaper, more transparent and more inclusive cross-border payments, particularly for the benefits of micro, small and medium enterprises.
It provides more options for users in cross-border payment transactions and serves as a key to improve efficiency, to promote digital economy and financial inclusion in the region, as well as to maintain macroeconomic stability by promoting more extensive use of local currency for bilateral transactions under the Local Currency Transaction Framework.
The press release said the connection established through QR payments will enhance the already strong economic relationship between Indonesia and Malaysia. It will play a significant role in fostering a more inclusive and robust economic recovery following the pandemic. As international travel picks up pace, this payment linkage is expected to bring not only convenience to travellers but also benefit the tourism and retail sectors of both countries’ economies.
The successful implementation of this payment linkage is the outcome of extensive collaboration within the industry. BI and BNM are open to the participation of more financial institutions to further expand and enrich the cross-border payments ecosystem.
DuitNow cross-border QR payment are also available in Singapore (NETS) and Thailand (PromptPay).
