Bangkok (VNA) - Bank Indonesia (BI) and the Bankof Thailand (BOT) have launched pilot use of a cross-border QR payment linkage between Indonesiaand Thailand.
In a statement released on August 17, the BI said under this linkage, consumers and merchants in both countries will be able tomake and accept instant cross-border QR payments for goods and services.
It highlighted that thisconnection is the first that links the retail payment system operators in bothcountries, and also marks a key milestone in the ASEAN Payment Connectivityinitiative, aiming to promote financial integration in the region.
At this stage, users from Indonesia are now able to use their mobile paymentapplications to scan Thai QR Codes to make payments to merchants all overThailand. Likewise, users from Thailand are now able to use their mobilepayment applications to scan QRIS (Quick Response Code Indonesian Standard) topay for goods and services at merchants in Indonesia and also use this servicefor their cross-border e-commerce transactions.
The full commercial phase will be launched in the first quarter of 2022. During this phase, more participating banks/non-banks are expected to join.
BI hopes that this service can be expanded to allow users in both countries toeasily transfer money directly through their mobile devices./.
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Illustrative image (Photo: internationalfinance.com)
