No cash, no problem: Cross-border payments in SEA take off

Crossing a border has long meant going through the finicky process of getting ahold of some local currency. But that may no longer be the case for many of us soon.

As this graphic from the Bank for International Settlements shows, countries across Asia are working to connect their payment systems. Malaysia, for instance, already has live payment links with both Thailand and Indonesia.

The link with Indonesia, which was recently announced, uses QR codes to facilitate payments. Currently, the payment link allows people traveling between the two countries to pay online merchants and for goods in physical stores.

The graphic above was used in a webinar on Project Nexus, which aims to boost cross-border commerce. Financial authorities in Malaysia, Thailand, Indonesia, the Philippines, and Singapore are part of the project, so seamless payments could be rolled out further across the region in the near future.