KUALA LUMPUR, May 9 (NNN-BERNAMA) – Bank Negara Malaysia (BNM) and Bank Indonesia (BI), yesterday, announced the commercial launch of the Malaysia-Indonesia cross-border QR payment linkage.
The launch, which followed the successful completion of the pilot phase of the linkage, announced on Jan 27, 2022, saw an increase in the number of participating financial institutions, including non-banks, BNM and BI said, in a joint statement.
It said, this will enable more Indonesians and Malaysians to make instant retail payments in either country, by scanning Quick Response Code Indonesian Standard (QRIS) or DuitNow QR codes, at physical stores or online merchants using services offered by participating financial institutions.
It also said, the QR payment linkage will strengthen economic ties between Indonesia and Malaysia, and support a more inclusive and stronger post-pandemic economic recovery.
As international travel gathers momentum, the payment linkage is expected to, not only provide travellers with greater convenience, but also benefit the tourism and retail sector of both economies.
BNM governor, Nor Shamsiah Mohd Yunus, said, the cross-border QR payment linkage has significant potential to boost economic activities, including tourism spending in the two countries.
She said, the payment linkage will also help expand markets for some businesses, and facilitate increased settlements in local currency, thereby improving financial outcomes.
“The QR payment linkage between Malaysia and Indonesia, complements a growing network of bilateral payment linkages within ASEAN, that will contribute towards a more vibrant ASEAN and further development of the region as a centre of growth,” she added.
Governor of Bank Indonesia, Perry Warjiyo, said, the cross-border QR payment linkage provides more options for users in cross-border payment transactions, and serves as a key to improving efficiency, promoting digital economy and financial inclusion in the region, and maintaining macroeconomic stability.– NNN-BERNAMA
