Encourages The Tourism And Trade Industry, Indonesia-Thailand Officially Implementation Of The QR Code Cross-State

BI Governor Perry Warjiyo (Photo: Screenshot of BI YouTube)

JAKARTA - Bank Indonesia (BI) together with the Bank of Thailand (BoT) inaugurated the implementation of a cross-border QR Code-based payment linkage between Indonesia and Thailand.

BI Governor Perry Warjiyo said, through this initiative, the people of Indonesia and Thailand can use the Thai QR Codes payment application and Quick Response Code Indonesian Standard (QRIS) in making payment transactions with merchants.

"This is an effort to encourage the digitization of cross-border payments", Perry said through a digital channel on Monday, August 29.

According to Perry, the steps taken are also the Blueprint Blueprint of the 2025 Indonesian Payment System which will be integrated with the framework of cooperation in encouraging the use of local currencies.

"This initiative is seen as being able to provide more choice for users of cross-border payment transactions and play an important role in increasing transaction efficiency, promoting the digital economy and financial inclusion, and strengthening macroeconomic stability", he said.

On the same occasion, the Governor of the Central Bank of Thailand, Sethaput Suthiwartnarueput, said that the cooperation, which is also part of the ASEAN Payment Connectivity Initiative, shows a shared commitment to increasing efficiency and creating more inclusive cross-border payments.

"QR cross border allows consumers and traders in both countries to make and accept payments for goods and services via QR Code instantly, safely, and efficiently. This is also a step to encourage an increase in the tourism industry in the two countries", he said.

In the future, cross-border payment cooperation will be integrated with the fast payment systems found in the two countries, Indonesia's BI-FAST and Thailand's PromptPay, which already have more than 70 million users.

Payment connectivity between Indonesia and Thailand will provide real-time cross-border fund transfers for migrant workers, expatriates, and micro, small, and reluctant enterprises (MSMEs) to make efficient cross-border transfers.

Through this initiative, payment connectivity in ASEAN will be more inclusive in the future.

Meanwhile, the linkage initiative is in line with the G20's commitment to the roadmap of cross-border payments to create a faster, cheaper, transparent, and incursive international payment system.

This is a real step to support the creation of a connected and interoperable ASEAN payment system ecosystem in strengthening economic recovery.