Indonesia, Thailand introduce QR Codes for Cross-Border Payments
Bank Indonesia (BI) and the Bank of Thailand (BOT) have launched pilot use of a cross-border QR payment linkage between Indonesia and Thailand.
Illustrative image (Photo: internationalfinance.com)In a statement released on August 17, the BI said under this linkage, consumers and merchants in both countries will be able to make and accept instant cross-border QR payments for goods and services.
It highlighted that this
connection is the first that links the retail payment system operators in both
countries, and also marks a key milestone in the ASEAN Payment Connectivity
initiative, aiming to promote financial integration in the region.
At this stage, users from Indonesia are now able to use their mobile payment applications to scan Thai QR Codes to make payments to merchants all over Thailand. Likewise, users from Thailand are now able to use their mobile payment applications to scan QRIS (Quick Response Code Indonesian Standard) to pay for goods and services at merchants in Indonesia and also use this service for their cross-border e-commerce transactions.
The full commercial phase will be launched in the first quarter of 2022. During this phase, more participating banks/non-banks are expected to join.
BI hopes that this service can be expanded to allow users in both countries to easily transfer money directly through their mobile devices./.
At this stage, users from Indonesia are now able to use their mobile payment applications to scan Thai QR Codes to make payments to merchants all over Thailand. Likewise, users from Thailand are now able to use their mobile payment applications to scan QRIS (Quick Response Code Indonesian Standard) to pay for goods and services at merchants in Indonesia and also use this service for their cross-border e-commerce transactions.
The full commercial phase will be launched in the first quarter of 2022. During this phase, more participating banks/non-banks are expected to join.
BI hopes that this service can be expanded to allow users in both countries to easily transfer money directly through their mobile devices./.
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