Malaysia, Indonesia launch cross-border QR payment linkage

A QRIS transaction / Photo credit: Shutterstock

The central banks of Malaysia and Indonesia have officially linked QR payments of both countries to promote faster, more transparent, and more inclusive cross-border payments.

The pilot phase of Bank Indonesia (BI) and Bank Negara Malaysia’s (BNM) linkage started on January 27 last year, paving the way for today’s commercial launch.

Customers can now make instant retail payments by scanning the Quick Response Code Indonesian Standard (QRIS) or DuitNow QR codes at physical or online stores that use services offered by participating financial institutions.

This move, which promotes more extensive use of local currencies for bilateral transactions, will benefit MSMEs and maintain macroeconomic stability, said BI governor Perry Warjiyo.

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Compared to the pilot stage, the official launch saw an increase in the number of participating financial institutions, including non-banking ones.

Indonesian institutions in the lineup include Bank Sinarmas, Bank Central Asia, as well as fintech firms Dana and LinkAja. Meanwhile, those from Malaysia include Hong Leong Bank, Maybank, and Public Bank.

The development follows a similar tie-up between the Monetary Authority of Singapore and BNM, with Singapore’s NETS and Malaysia’s DuitNow providing the QR payment services.