RI-South Korea Agrees To Connect The Use Of The QRIS Code For Inter-National Payments

JAKARTA - Bank Indonesia (BI) is expanding its payment cooperation network with international strategic partners, namely with the Bank of Korea (BOK) through the signing of a Memorandum of Understanding (NK) regarding payments based on the QR Code Indonesian Standard (QRIS) service.

The signing of the Memorandum of Understanding (NK) was carried out by the Governor of BI, Perry Warjiyo, and the Governor of BoK, Ree Chang-yong, on July 15, 2024 in Penang, Malaysia.

The Governor of BI, Perry Warjiyo, emphasized that QR code-based payment cooperation between BI and BoK will strengthen economic relations between Indonesia and South Korea (South Korea).

"This QR code-based payment system collaboration is also a tangible manifestation of the implementation of the G20 Roadmap for Enhancing Cross-border Payments," he said in his statement, Monday, July 15.

Perry said that cross-border payment connectivity also needs to be synergized with local currency schemes in bilateral transactions to support macroeconomic stability and increase efficiency.

"This MoU is expected to support the realization of a cross-border payment system between Indonesia and South Korea which is more efficient, fast, inclusive and transparent," he said.

In the future, Perry said Bank Indonesia will continue to strengthen and expand international cooperation with central banks and other relevant authorities internationally in encouraging cross-border payment connectivity.

Perry said that the QR code-based payment cooperation aims to accelerate cooperation related to interconnection and interoperability of cross-border payments using a QR code, namely the QR Code Indonesian Standard (QRIS) and the QR Code for South Korean payments which will be determined by the BoK.

In addition, this collaboration will build a framework that facilitates QR code-based payments between the two countries, including payment system operators or payment service providers.

Perry said that the agreement marked the start of cooperation between BI and BoK in implementing QR code-based payment connectivity, which was supported by the close synergy of industry players of the two countries.

"The initiation of this cooperation will be followed up with the development of the interconnection followed by the trial stage before the implementation is carried out in full," he said.

Perry said that the implementation of this collaboration will support transactions between communities in the two countries in order to encourage the digital economy and finance in Indonesia and South Korea, considering the high number of tourists between the two countries.