Bank Indonesia (BI) and Bank Negara Malaysia (BNM) have announced the commercial launch of the Indonesia-Malaysia cross-border QR payment linkage.
This will make possible instant retail payments by scanning Indonesia's Quick Response Code Indonesian Standard (QRIS) and Malaysia’s DuitNow QR codes by citizens of both countries.
According to a joint statement by the central banks, the system will work both at physical stores as well as for online merchants using services offered by participating financial institutions.
The launch follows the successful completion of the pilot phase announced in January 2022.
BNM’s Governor, Tan Sri Nor Shamsiah Mohd Yunus said that the cross-border payments system will boost economic activity, help expand markets for businesses and facilitate increased settlements in local currency.
The QR payment linkage complements a growing network of bilateral payment linkages within the Asean region, she added.
The central banks of Indonesia and Malaysia worked closely with the Indonesian Payment System Association, PayNet, and participating financial institutions.
The Governor of Bank Indonesia, Perry Warjiyo, said the move strengthens cooperation on Regional Payment Connectivity to promote faster, cheaper, transparent and inclusive cross-border payments, particularly for the benefit of micro, small and medium enterprises.
This promotes digital economy and financial inclusion in the region and maintains macroeconomic stability by promoting the use of local currency for bilateral transactions under the Local Currency Transaction Framework, said Warjiyo.
