Fiki Ariyanti
IDXChannel - Bank Indonesia (BI) and Bank Negara Malaysia (BNM) have 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 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 codes at physical stores or online merchants using services offered by participating financial institutions.
According to BI Governor Perry Warjiyo, cross-border QR payment linkage between Indonesia and Malaysia is a concrete evidence of a 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 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 as represents another milestone of the Indonesian Payment System Blueprint 2025.
