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JOINT PRESS RELEASE

No.25/116/DKom​ 

Bank Indonesia (BI) and Bank Negara Malaysia (BNM) today announced the commercial launch of the Indonesia-Malaysia cross-border QR payment linkage. The commercial launch of this linkage follows from the successful completion of the pilot phase of the linkage announced on 27 January 2022. 

The commercial launch of this linkage sees the number of participating financial institutions[1] which include non-banks increase. This will enable more Indonesians and Malaysians to make instant retail payments in either country by scanning Quick Response Code Indonesian Standard (QRIS) or DuitNow QR codes[2] at physical stores or online merchants using services offered by participating financial institutions.​

Governor of Bank Indonesia, Mr. Perry Warjiyo said on this occasion, “Cross-border QR payment linkage between Indonesia and Malaysia is a concrete evidence of a strengthened cooperation on Regional Payment Connectivity to promote faster, cheaper, more transparent and more inclusive cross-border payments, particularly for the benefits of micro, small, and medium enterprises. The linkage aligns with the G20 initiative in establishing the Roadmap for Enhancing Cross Border Payments, and serves as a significant deliverable of Indonesia's chairmanship of the ASEAN in 2023, as well as represents another milestone of the Indonesian Payment System Blueprint 2025. 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."

Bank Negara Malaysia Governor Ms. Nor Shamsiah Mohd Yunus said, “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. 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." 

The QR payment linkage will strengthen the close economic ties between Indonesia and Malaysia. It would 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[3]), PayNet[4], and participating financial institutions. BI and BNM welcome participation from more financial institutions to further expand the cross-border payments ecosystem.

[1] Participating financial institutions from Indonesia (as issuers): Bank Sinarmas, DANA, Bank Permata, Bank CIMB Niaga, Bank Pembangunan Daerah (BPD) Bali, Bank Syariah Indonesia, LinkAja, Bank Central Asia, Ottocash, Bank Mega.

Participating financial institutions from Indonesia (as acquirers): Bank Sinarmas, DANA, Bank Permata, Bank CIMB Niaga, Bank Pembangunan Daerah (BPD) Bali, LinkAja, Bank Central Asia, Ottocash, Bank Mega, Bank Mandiri, Bank Rakyat Indonesia, Bank Negara Indonesia, Gopay, OVO, BPD Jawa Barat & Banten, Bank Nationalnobu, Bank Danamon Indonesia, Bank Maybank Indonesia, BPD DIY, BPD Provinsi Jawa Timur, i-Saku, BPD Sumatera Barat, BPD Sulawesi Selatan dan Sulawesi Barat, Artha Graha International, Bank DKI, BPD Jambi, BPD NTT, Astrapay, GV e-money, BPD Kalimantan Timur dan Kalimantan Utara, DOKU, BPD Kalimantan Barat, BPD NTB Syariah, BPD Papua, Bank Multiartha Sentosa, BPD Lampung, Kaspro, Dipay, Bank Neo Commerce, PACcash, Paprika Multi Media, Virgoku, BPD Jawa Tengah, ShopeePay Indonesia. 

Participating financial institutions from Malaysia (as issuers): CIMB Bank Berhad, Hong Leong Bank Berhad, Malayan Banking Berhad, Public Bank Berhad, TNG Digital Sdn. Bhd. 

Participating financial institutions from Malaysia (as acquirers): Ambank Malaysia Berhad, Boost, Hong Leong Bank Berhad, Malayan Banking Berhad, Public Bank Berhad, Razer Merchant Services Sdn. Bhd., TNG Digital Sdn. Bhd., United Overseas Bank Malaysia Berhad. 

[2] Quick Response Code Indonesian Standard (QRIS) and DuitNow QR are the national QR code solutions for Indonesia and Malaysia, respectively. It allows merchants to accept payments from customers of different participating financial institutions (banks and payment system providers) using a unified QR code.

[3] Payment system operator from Indonesia are Alto, Artajasa, Jalin and Rintis.

[4] Payments Network Malaysia Sdn. Bhd. (PayNet) is Malaysia's retail payment system operator that operates DuitNow QR.