The Indonesian central bank (BI) has signed a memorandum of understanding (MoU) with the Bank of Korea (BoK) on QR code payments, expanding its international payment cooperation network.
“The QR code payment cooperation between Bank Indonesia and Bank Korea will strengthen economic ties between Indonesia and Korea,” Bank Indonesia Governor Perry Warjiyo said in a statement quoted on Monday (15/7).
The memorandum was signed by Perry and Bank of Korea Governor Lee Chang-yong in Penang, Malaysia. The payment systems cooperation is part of the G20’s roadmap to strengthen cross-border payments.
Perry stressed the importance of integrating cross-border payments connectivity and local currency systems in bilateral trade to support macroeconomic stability and increase efficiency.
He hoped the MOU would promote a more efficient, fast, inclusive and transparent cross-border payment system between Indonesia and South Korea.
Looking ahead, Perry stated that BI will continue to strengthen and expand its international collaboration with central banks and other relevant 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, including the Indonesia QR Code Standard (QRIS) and the QR code payment system established by the BoK.
The agreement will establish a framework to facilitate QR code payments between the two countries, including payment system operators and payment service providers.
The agreement marks the beginning of cooperation between BI and BoK to implement QR code payment connectivity, supported by close synergy between the two countries’ industries.
The collaboration will advance the development and testing of interconnections prior to full implementation.
The implementation of this cooperation will support transactions between the people of both countries, especially in promoting the digital economy and finance in Indonesia and South Korea, given the large number of tourists traveling between the two countries.
