QRIS Payment Service to Be Available in 4 ASEAN Countries

TEMPO.COJakarta – Indonesia’s quick response code payment service dubbed QRIS will be available in four ASEAN countries. Bank Indonesia (BI) in tandem with the central banks of Thailand, Malaysia, Singapore, and the Philippines will realize cross-border payments with QRIS, open API (application payment interface), and Fast Payment by implementing the local currency settlement (LCS).

Head of the BI Payment System Policy Department Filianingsih Hendarta said Bank Indonesia, Bank Thailand, Bank Negara Malaysia, the Monetary Authority of Singapore, and the Central Bank of the Philippines are working on the cooperation. He hoped that the agreement will be signed at the G20 leaders meeting in November.

“When the world is still talking, ASEAN Five will be the first mover of payment connectivity. It can be through QRIS, open API, or Fast Payment and everything will be based on LCS framework,” said Filianingsih in a conference held virtually on Thursday, July 7, 2022.

She also said the five ASEAN countries have already had digital transaction infrastructures, such as QR payment and Fast Payment. Thus, they could just operate the cross-border payments.

Filianingsih continued that QRIS can already be used in Thailand and Malaysia. Through this cooperation, the payment system will be expanded to all ASEAN countries and even outside the region.

The cross-border payments, she went on, would provide greater benefits for the community, such as lower transfer fees. Tourists will also no longer need to exchange physical money for local currency or US dollars.

“Just scan the QR and it will be automatically converted from our rupiah. So there is no need to convert to US dollars first,” the Bank Indonesia official explained.


Source: https://en.tempo.co/read/1609774/qris-payment-service-to-be-available-in-4-asean-countries