Malaysia, Indonesia Launch Cross-Border QR Payment Linkage
Author Avatar
(Image: Digital News Asia)

Bank Negara Malaysia (BNM) has announced the launch of a cross-border QR payment linkage with Bank Indonesia (BI), which will enable citizens in both countries to perform instant and secure cross-border payments when making purchases.

With this latest update, consumers in Malaysia and Indonesia will be able to conveniently and safely pay for their purchases at online and offline merchants by scanning the DuitNow or QRIS (Quick Response Code Indonesian Standard) QR codes. The service, which is part of the pilot phase that has already begun, will eventually lead to a full commercial launch in the third quarter of 2022. There are also plans for the linkage to be expanded to support cross-border remittances.

“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,” said the deputy governor of BNM, Jessica Chew Cheng Lian, adding that these developments will bring the nations closer to the vision of creating an Asean network of fast and efficient retail payment systems.

(Image: The Malaysian Reserve/Muhd Amin Naharul)

Malaysia’s cross-border payment linkage with Thailand has been established since June 2021, with the first phase allowing users in Thailand to make payments to Malaysian merchants by scanning DuitNow QR codes. The second phase, meanwhile, allows Malaysians to perform similar transactions with merchants in Thailand. Aside from Thailand, Malaysia has also formed payment linkages with Singapore and the euro area.

Meanwhile, the deputy governor of BI, Doni P Joewono said this initiative marks another milestone of the Indonesia Payment System Blueprint. “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 the Local Currency Settlement (LCS) Framework,” he said.

(Image: CNBC Indonesia)

BNM and BI further commented that this linkage will not only strengthen the economic tie between Malaysia and Indonesia, but also give a big boost to the tourism sector of both countries. During pre-Covid days, an average of 5.6 million travellers travelled between the two countries per year. Additionally, both countries are also key remittance corridors for their nationals working abroad, who stand to benefit from faster, cheaper, and more transparent cross-border remittances via this initiative.

(Sources: Bank Negara Malaysia, The Edge Markets)

0 0 votes
Article Rating


Comments (0)

Notify of

Inline Feedbacks
View all comments
Top Apps Articles
Post Image
Astro 4K Ultra HD Broadcast To Be Available For Subscription By The End of This Year
Brian Chung
- 14th August 2018
By the end of 2018, Astro customers will be able to watch football matches in Ultra HD. Read on to know more about the 4k Ultra HD service.
Post Image
Shopee Introduces SPayLater, Lets Users Buy Items Now And Pay Later
Alex Cheong Pui Yin
- 18th January 2021
Shopee has introduced a new payment feature that lets its Malaysian users purchase items and pay for them […]
Post Image
How To Pay TNB Bills With Boost, GrabPay, And Touch ‘n Go eWallet
Pang Tun Yau
- 13th February 2020
In recent months, e-wallets (and even Shopee and Lazada) began offering bill payment options, which means Malaysians can […]
Post Image
TNG eWallet Users Can Now Transfer Money To Bank Accounts Via DuitNow Transfer
Alex Cheong Pui Yin
- 25th March 2022
Touch ‘n Go (TNG) eWallet has updated its DuitNow Transfer function, enabling users to also transfer funds out […]

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image