PETALING JAYA: Bank Negara Malaysia (BNM) and Bank Indonesia (BI) today announced the commercial launch of the Malaysia-Indonesia 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 Jan 27, 2022 which will see the number of participating financial institutions which include non-banks increase. This will enable more Indonesians and Malaysians to make instant retail payments in either country by scanning Quick Response Code Indonesian Standard (QRIS) or DuitNow QR codes2 at physical stores or online merchants using services offered by participating financial institutions.
In a statement, Bank Negara Malaysia governor Tan Sri Nor Shamsiah Mohd Yunus said, “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, she added has significant potential to boost economic activities, including tourism spending in the two countries.
“The payment linkage will also help expand markets for some businesses and facilitate increased settlements in local currency, thereby improving financial outcomes. The QR payment linkage between Malaysia and Indonesia complements a growing network of bilateral payment linkages within Asean that will contribute towards a more vibrant Asean and further development of the region as a centre of growth,” she said.
Governor of Bank Indonesia, Perry Warjiyo said, “Crossborder 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.”
The linkage, he added aligns with the G20 initiative in establishing the Roadmap for Enhancing Cross Border Payments, and serves as a significant deliverable of Indonesia’s chairmanship of the Asean in 2023, as well represents another milestone of the Indonesian Payment System Blueprint 2025.
“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,” he said.
The QR payment linkage will strengthen the close economic ties between Indonesia and Malaysia. It would support a more inclusive and stronger post-pandemic economic recovery. As international travel gathers momentum, the payment linkage is expected to not only provide travellers greater convenience, but also benefit the tourism and retail sector of both economies.
The successful launch of the payment linkage is a result of close industry collaboration championed by BI and BNM which worked closely with the Indonesian Payment System Association (which include its member payment system operators in Indonesia), PayNet4, and participating financial institutions.
BI and BNM welcome participation from more financial institutions to further expand the cross-border payments ecosystem.