Bank Indonesia (BI) and Bank Negara Malaysia (BNM) have jointly announced that the Indonesia-Malaysia cross-border QR payment linkage is being rolled out commercially. This wider rollout follows what was apparently a successful pilot phase that was launched back on 27 January 2022.
Just like the linkage with Singapore, Malaysian and Indonesian users can seamlessly make retail payments by scanning the respective national unified QR code, namely Malaysia’s DuitNow and Indonesia’s Quick Response Code Indonesian Standard (QRIS).
Users of either system can scan a merchant’s QR code at physical stores to make instant payments and even online payments as long as those e-commerce sites are using services offered by participating financial institutions. Governor of Bank Indonesia Perry Warjiyo said, “The linkage aligns with the G20 initiative in establishing the Roadmap for Enhancing Cross Border Payments.”
Participating financial institutions in Malaysia include CIMB, Hong Leong Bank, Maybank, Public Bank, and TNG Digital, which act as issuers for merchants. As for acquirers, which are institutions that issue payment cards to consumers, they include AmBank, Boost, Hong Leong Bank, Maybank, Public Bank, Razer Merchant Services, TNG Digital, and United Overseas Bank Malaysia.
On Indonesia’s side, participating banks for merchants are Bank Sinarmas, DANA, Bank Permata, Bank CIMB Niaga, Bank Pembangunan Daerah (BPD) Bali, Bank Syariah Indonesia, LinkAja, Bank Central Asia, Ottocash, and Bank Mega. The list of participating institutions for consumers is quite extensive, but you can check out the official press release for the full roster.
Last July, the central banks of five Southeast Asian countries announced their target to link payment systems across the region to strengthen trade and make travel more seamless. In November, Indonesia, Malaysia, the Philippines, Singapore, and Thailand officially signed a Memorandum of Understanding to enhance payment connectivity, including QR codes and fast payment systems.
As of now, Malaysia has cross-border QR payment linkages with Singapore, Indonesia, and Thailand. There is no official news yet on when Malaysia and the Philippines will establish a linkage.
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