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QR payment with Indonesia finalised
Bank Indonesia and the Bank of Thailand launched a cross-border QR payment linkage on Tuesday, under which consumers and merchants in both Indonesia and Thailand can make and accept instant cross-border QR payments for goods and services.
This connection is the first to link retail payment system operators in both countries. It also marks a milestone in the Asean Payment Connectivity initiative, which aims to promote financial integration in the region, according to the joint statement from both central banks.
The launch is the project’s pilot phase, aiming to ensure smooth interconnection and pave the way for the full commercial launch next year.
At this stage, users from Indonesia can use their mobile payment applications to scan Thai QR codes to make payments to merchants throughout Thailand.
Likewise, Thai users can scan QRIS (Quick Response Code Indonesian Standard) via their mobile payment apps to pay for goods and services with merchants in Indonesia, as well as for cross-border e-commerce transactions.
Bangkok Bank app users can start using this service on Tuesday, while those with Bank of Ayudhya (Krungsri) and CIMB Thai Bank apps can use it starting in September.
The full commercial phase is scheduled for the first quarter of 2022, when service is expanded to enable users in both countries to make real-time fund transfers by referencing the recipient’s mobile phone number.
In June, Bank Negara Malaysia and the Bank of Thailand launched a cross-border QR payment linkage, allowing consumers and merchants in both countries to send and receive payments instantly through a QR code across borders.
The project commenced in June 2020 and is scheduled to take place in three phases. The launch marked the start of the first phase and linked real-time retail payment systems of the Retail Payments Platform (RPP)/DuitNow in Malaysia and PromptPay in Thailand. RPP and PromptPay are fast payment systems that send payments to a recipient’s account instantly.
A linkage between Thailand’s PromptPay and Singapore’s PayNow was established in April this year.
Source: https://www.bangkokpost.com/business/2167495/qr-payment-with-indonesia-finalised