Fiki Ariyanti
“It provides more options for users in cross-border payment transactions and serves as a key to improve efficiency, to promote digital economic 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 stated in a press release on Monday (8/5/2023).
The QR payment linkage will strengthen the close economic ties between Indonesia and Malaysia. Furthermore, It would also 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, PayNet, and participating financial institutions. BI and BNM welcome participation from more financial institutions to further expand the cross-border payments ecosystem.
“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 has significant potential to boost economic activities, including tourism spending in our two countries,” BNM Governor Nor Shamsiah Mohd Yunus said.
“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,” he added. (WHY)
