The Indonesian Central Bank (BI) has broadened its international payment cooperation network by signing a Memorandum of Understanding (MoU) with the Bank of Korea (BoK) for QR code-based payments.
“The QR code payment cooperation between BI and BoK will strengthen the economic relationship between Indonesia and South Korea,” BI Governor Perry Warjiyo said in a statement as quoted on Monday, July 15, 2024.
The MoU was signed by Perry and BoK Governor Ree Chang-yong in Penang, Malaysia. This payment system collaboration is part of the G20 Roadmap for Enhancing Cross-border Payments.
Perry emphasized the importance of integrating cross-border payment connectivity with local currency schemes in bilateral transactions to support macroeconomic stability and increase efficiency.
He hopes this MoU will foster a more efficient, fast, inclusive, and transparent cross-border payment system between Indonesia and South Korea.
Looking ahead, Perry affirmed that BI will continue to strengthen and expand international cooperation with central banks and other related authorities to enhance cross-border payment connectivity.
The QR code payment collaboration aims to accelerate the interconnection and interoperability of cross-border payments using QR codes, involving the QR Code Indonesian Standard (QRIS) and the QR code payment system determined by BoK.
This agreement will establish a framework facilitating QR code-based payments between the two countries, including payment system operators or payment service providers.
The agreement marks the beginning of the cooperation between BI and BoK to implement QR code payment connectivity, supported by close synergy between the industries of both countries.
This collaboration will proceed with developing interconnections and conducting trials before full implementation.
The implementation of this cooperation will support transactions between people in both countries, particularly in promoting digital economy and finance in Indonesia and South Korea, considering the high number of tourists traveling between the two nations.
