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Bank Indonesia (BI) and Bank Negara
Malaysia (BNM) today launched a cross-border QR payment linkage. It will
enable instant, secure and efficient cross-border payments between
Indonesia and Malaysia.
this linkage, consumers in both countries will be able to make retail
payments by scanning the QRIS (Quick Response Code Indonesian
Standard) or DuitNow QR codes displayed by offline and online merchants.1
Today marks the beginning of a pilot phase that will pave the way for a
full commercial launch in the third quarter of 2022. 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.
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. This will give
more options for users in the cross-border payment space and serve as a
key to improve transaction efficiency, support the digitalisation of
trade and investment, and maintain macroeconomic stability by promoting a
more extensive use of Local Currency Settlement (LCS) Framework.
Through the use of direct quotation of local currency exchange rates
provided by Appointed Cross Currency Dealer (ACCD) banks under the LCS
Framework, it will improve the efficiency of transactions, thus lowering
the transaction cost."
addition, 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. Such development will bring us closer towards
realising the vision of creating an ASEAN network of fast and efficient
retail payment systems. This in turn will further accelerate our digital
transformation and financial integration, for the benefit of
individuals and businesses."
payment connectivity will further strengthen the close economic ties
between Indonesia and Malaysia 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.2
Both countries are also key remittance corridors for their nationals
working abroad who will benefit from faster, cheaper, and more
transparent cross-border remittances. Additionally, this initiative is
also aligned with the Cross-border Payments Roadmap as a priority agenda
of the Indonesian G20 Presidency, in the effort to maintain the
momentum initiated by the past two G20 Presidencies to resolve the
challenges in cross-border payments.
project is made possible with the collaboration of various stakeholders
from both countries under the joint stewardship of BI and BNM. These
include the Indonesian Payment System Association (ASPI), RAJA (Rintis,
Artajasa, Jalin, and Alto) and Payments Network Malaysia Sdn Bhd
(PayNet) as payment system operators. The settlement banks are Bank
Mandiri, Bank Negara Indonesia (BNI) and CIMB Bank Berhad. Other
participants include various banks and non-bank payment service
providers from both countries.3
Bank IndonesiaBank Negara Malaysia27 January 2022
For media enquiries, please contact:Bank IndonesiaCommunication DepartmentTel: (+62) 21 131Email: firstname.lastname@example.org
Bank Negara MalaysiaStrategic Communications DepartmentEmail : email@example.comWeb: bnm.gov.my
QRIS and DuitNow QR are national QR code solutions in Indonesia and
Malaysia, respectively, that allow merchants to accept payments from
customers of different participating banks and payment system providers
using a unified QR code.
2 Source: Ministry of Tourism, Arts and Culture, Malaysia
Participants from Indonesia include Bank Central Asia, Bank Mandiri,
Bank Negara Indonesia, Bank Mega, Bank Pembangunan Daerah Bali (BPD
Bali), Bank Permata, Bank Sinarmas, Bank Syariah Indonesia, CIMB Niaga,
LinkAja, Ottocash, ShopeePay Indonesia, DANA, while participants from
Malaysia include Public Bank Berhad and Razer Merchant Services.
Contact Center BICARA : (62 21) 131
E-mail : firstname.lastname@example.org
Working hours: Monday to Friday, 08.00-16.00 West Indonesia Time
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