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Indonesia, Malaysia launch cross-border payment linkage

Bank Negara Malaysia (BNM) and Bank Indonesia (BI) on May 8 announced the commercial launch of the Indonesia-Malaysia cross-border quick response (QR) code payment linkage.
Indonesia, Malaysia launch cross-border payment linkage ảnh 1Bank Negara Malaysia (BNM) and Bank Indonesia (BI) have announced the commercial launch of the Indonesia-Malaysia cross-border quick response code payment linkage.(Photo: thestar.com.my)

Jakarta (VNA) - Bank Negara Malaysia(BNM) and Bank Indonesia (BI) on May 8 announced the commercial launch of theIndonesia-Malaysia cross-border quick response (QR) code payment linkage.

Thelaunch follows the successful completion of the pilot phase of the linkageannounced on January 27 last year the central banks said in a joint statement.

The linkage enables Indonesians and Malaysians to make instant retail payments in both countries by scanning the Quick Response Code Indonesian Standard (QRIS) or DuitNow.

BI Governor Perry Warjiyo said the cross-border QR paymentlinkage between Indonesia and Malaysia is concrete evidence of strengthenedcooperation on Regional Payment Connectivity to promote faster, cheaper, moretransparent and more inclusive cross-border payments, particularly for thebenefits of micro, small and medium enterprises.

Hewent on to say that the linkage aligns with the G20 initiative in establishingthe Roadmap for Enhancing Cross Border Payments, and serves as a significantdeliverable of Indonesia’s chairmanship of the ASEAN in 2023, whilerepresenting another milestone for the Indonesian Payment System Blueprint2025.

Warjiyoalso said the development provides more options for users in cross-borderpayment transactions and serves as a key to improve efficiency and promotedigital economy and financial inclusion in the region.

BNM Governor, Nor Shamsiah Mohd Yunus said ASEAN is moreconnected now than ever. Many more users from Malaysia and Indonesia willbenefit from a secure, more seamless and more efficient experience to make andreceive cross-border payments.

The payment linkage will also help expand markets for somebusinesses and facilitate increased settlements in local currency, therebyimproving financial outcomes.

The QR payment linkage between Malaysia and Indonesia complements agrowing network of bilateral payment linkages within ASEAN that will contributetowards a more vibrant ASEAN and further development of the region as a centreof growth, she added./.

VNA
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