Indonesia, Malaysia launch cross-border QR payment system commercially

The project is now open to the public after more than a year since its pilot phase.

Bank Indonesia (BI) and Bank Negara Malaysia (BNM) have commercially launched the Indonesia-Malaysia cross-border QR payment linkage, building on the success of its pilot phase announced on 27 January 2022.

More financial institutions, including non-banks, have joined the collaboration’s commercial launch.

This allows a greater number of Indonesians and Malaysians to make instant retail payments in both countries by scanning either Quick Response Code Indonesian Standard (QRIS) or DuitNow QR codes at physical stores or online merchants using services offered by participating financial institutions.

ALSO READ: Higher adoption of QR payments ramps up Singapore’s cashless transition

The QR payment linkage is set to enhance the economic ties between Indonesia and Malaysia and aid in a more inclusive and robust post-pandemic economic recovery.

As international travel resumes, the payment linkage is anticipated to not only offer greater convenience to travellers but also benefit the tourism and retail sectors of both economies.

This project was a close collaboration between BI, BNM, the Indonesian Payment System Association (which includes its member payment system operators in Indonesia, PayNet, and participating financial institutions) led to the successful launch of the payment linkage.

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