Bank Negara Malaysia and Bank Indonesia have both launched a cross-border QR payment linkage where users in these two nations can instantly make secure payments using their respective QR code-enabled devices.
Malaysians can scan payment on their DuitNow app or for Indonesians they can use the QRIS (Quick Response Code Indonesian Standard) QR codes displayed by offline and online merchants. While this is the pilot BNM says the full commercial launch will be in the third quarter of 2022. It adds that the linkage will be expanded in the future to support cross-border remittance where users in both countries can make real-time fund transfers with convenience.
Ms. Jessica Chew Cheng Lian, Deputy Governor of Bank Negara Malaysia said, “The cross-border QR payment linkage between Malaysia and Indonesia marks a key milestone in the long history of collaboration between both countries. Phase 2 of the QR payment linkage between Malaysia and Thailand[has also gone live this week.
In addition, Bank Indonesia Deputy Governor, Mr. Doni P. Joewono, said on this occasion “This initiative links cross-border payments through the interconnection of national QR codes of the two countries and also represents another milestone of the Indonesian Payment System Blueprint 2025. Bank Indonesia recognises the significance of cross-border payment system linkages and has continuously pursued such initiatives.
Both Central Bank’s see the payment connectivity as a way to strengthen the close economic ties between Malaysia and Indonesia and support post-pandemic economic recovery. As international travel resumes, tourism will be a key sector that will greatly benefit from this service. The sizeable traveller flows between the two countries recorded an average of 5.6 million arrivals yearly before the pandemic.
This project is made possible with the collaboration of various stakeholders from both countries under the joint stewardship of BNM and BI. These include Payments Network Malaysia Sdn Bhd (PayNet), the Indonesian Payment System Association (ASPI) and RAJA (Rintis, Artajasa, Jalin, and Alto) as payment system operators. The settlement banks are CIMB Bank Berhad, Bank Mandiri and Bank Negara Indonesia.