Central Banks of Indonesia and Thailand Working Together to Implement QRIS System in ASEAN Countries

- 29 August 2022 15:02 WIB
Bank Indonesia and Bank of Thailand announced to move from piloting phase to the implementation phase of cross-border QR payment linkage, on 29th of August 2022. (Photo/ Twitter @bank_indonesia)
Bank Indonesia and Bank of Thailand announced to move from piloting phase to the implementation phase of cross-border QR payment linkage, on 29th of August 2022. (Photo/ Twitter @bank_indonesia)

JAKARTADAILY.ID – Bank Indonesia (BI) and the Bank of Thailand (BoT) announced to move from the piloting phase to the implementation phase of cross-border QR payment linkage, on the 29th of August 2022.

The piloting phase of cross-border QR payment linkage between Indonesia and Thailand, launched on 17 August 2021, has been running successfully. For the implementation phase, 76 payment system providers from both countries have joined the project.

Users from Indonesia and Thailand can use their mobile payment applications to scan Thai QR Codes and QRIS (Quick Response Code Indonesian Standard)  to pay for transactions at the merchants as of today.

Also read: The Indonesian Government and its Central Bank Releases 2022 Edition Rupiah Banknotes

In addition, BI and the BoT agree to commence work on cross-border payment connectivity with a fast payment-based modality for cross-border transfers. The two central banks will discuss the scope of work to follow up on this initiative.

“On this occasion during Indonesia's G20 Presidency in 2022 and ASEAN Central Bank Governors' Meeting in April 2022, payment digitalization and cross-border payments have become a priority agenda,” said BI's Governor, Perry Warjiyo.

Cross-border payments linkage through the interconnection of national QR codes of payment between two countries, represents another milestone of the Indonesian Payment System Blueprint 2025 and also integrates the framework of cross-border payment with the framework to promote the use of local currency.

Also read: Indonesian Ministry of Finance: Tax Revenue Reaches Rp 868 Trillion as of June 2022

It provides more options for users in cross-border payment transactions and serves as a key to improving transaction efficiency, promoting digital economic and financial inclusion, and strengthening macroeconomic stability by promoting more extensive use of local currency for bilateral transaction."

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Editor: Suksmajati Kumara

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