In order to support financial integration in ASEAN Region, Central Bank of Indonesia launched the QR Cross-border on Monday, August 29, 2022. Through this QR Code Indonesia Standard (QRIS) service expansion, users can make cross-border QR payments through the interconnection of national and neighboring countries QR codes. Currently, QR Cross-border transactions have been officially implemented in Thailand.
According to Central Bank of Indonesia Press Release Number 24/50/Dkom, QR Cross-border is a prudent approach that plays an important role in the country's economic recovery, including increasing the value of MSMEs and providing convenience for tourists in the tourism sector. QR Cross-border can increase transaction efficiency while supporting the digitalization of trade and investment.
In addition, through QR Cross-border, the use of local currency (LCS) in transaction settlement can be expanded. This certainly has a positive impact on maintaining macroeconomic stability.
QRIS service expansion is a priority agenda for the G20 Presidency's financial track which is intended to encourage advanced and digitally integrated payment collaborations. QRIS will begin to be implemented in four ASEAN regional countries, namely Thailand, Malaysia, Singapore and Philippines. In the future, implementation of QR Cross-border will be expanded to other countries.
The use of QRIS continues to increase from year to year. As of July 2022, Central Bank of Indonesia’s data displayed in the live broadcast of "Launching Domestic Government Credit Cards & Cross-border QRIS" shows that transactions through QRIS have reached IDR 9.7 trillion with 81 million transactions. In addition, currently QRIS is available at 20 million merchants and supported by 85 payment service providers and payment system infrastructure providers.
