Good News From Bank Indonesia! The QR Code Payment System Has Arriving In Japan

JAKARTA Bank Indonesia (BI) has reached an agreement with the Japanese Ministry of Economics, Trade and Industry (METI) regarding the expansion of international payment cooperation based on QR codes.

BI Deputy Governor Dody Waluyo said this collaboration would build a framework that facilitates QR code-based payments between the two countries, including for third parties such as payment system operators (SP).

"Hopefully this can encourage the digitization of the payment system in both Indonesia and Japan," he said when giving a press statement on Friday, December 9.

According to Dody, it is a tangible manifestation of the implementation of the G20 Roadmap for Enhancing Cross-border Payments, as well as breakthroughs in strengthening regional economic integration in line with Indonesia's Chairmanship in ASEAN and co-Chairmanship Japan in ASEAN+3 in 2023.

"Pay connectivity also needs to be associated with a framework to encourage the use of local money in order to support international trade and investment activities so as to create efficient cross-border retail and wholesale transactions," he said.

Dody added, Bank Indonesia continues to strive to initiate, strengthen and expand cooperation with various international strategic partners, both bilaterally and multilaterally, with various central banks and international partner authorities.

"This is all done to be able to create a cheaper, faster, inclusive, and transparent cross-border payment system," he stressed.

Previously, in a series of meetings at the G20 Summit last November, Bank Indonesia had agreed to apply the same QR code concept as a number of countries in Southeast Asia, namely Malaysia, the Philippines, Singapore, and Thailand.