Bank Indonesia & BankNegara21580 have commercially launched the Indonesia-Malaysia cross-border QR payment linkage following a successful pilot phase, allowing Indonesians & Malaysians to make instant retail payments using QR codes in either country.
Aims to promote faster, cheaper, more transparent, and more inclusive cross-border payments, particularly benefiting micro, small, and medium enterprises.
Bank Indonesia and Bank Negara Malaysia have announced the commercial launch of the Indonesia-Malaysia cross-border QR payment linkage. This move follows the successful completion of the pilot phase announced in January 2022. The expanded participation of financial institutions, including non-banks, will enable more Indonesians and Malaysians to make instant retail payments using QRIS or DuitNow QR codes in either country.
Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus emphasized the growing connectivity within ASEAN and the potential benefits of a secure, seamless, and efficient experience for cross-border payments. “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," he said.
These initiatives were preceded in November 2022, where five regional central banks - BI, BNM, Bangko Sentral ng Pilipinas , MAS, and Bank of Thailand - signed a memorandum of understanding on cooperation in regional payment connectivity . The MoU aims to enhance cooperation on payment connectivity, supporting faster, cheaper, more transparent, and more inclusive cross-border payments.
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