Indonesia to Expand QRIS Cross-Border Payments with China and South Korea
Bank Indonesia (BI) aims to expand the use of the Quick Response Code Indonesian Standard (QRIS) for cross-border payments with China and South Korea by the first quarter of 2026.
This move forms part of efforts to strengthen digital payment acceptance and extend the national payment system internationally.
According to CNN Indonesia, BI Governor Perry Warjiyo said the central bank is preparing the implementation of QRIS between Indonesia and the two countries.
Perry Warjiyo
Perry stated at the January RDG press conference on 21 January.
Deputy Governor Filianingsih Hendarta added that the finalisation of agreements with China and South Korea is in an advanced stage and is expected to facilitate travel for Indonesians to those countries.
Filianingsih Hendarta
Filianingsih said.
BI is also exploring cross-border QRIS expansion with other Asian countries, with discussions ongoing with India.
she said.
BI targets a significant increase in QRIS transactions and reach, both domestically and internationally.
Filianingsih said the central bank aims for 17 billion QRIS transactions and partnerships with eight countries for cross-border services.
BI also expects 45 million merchants to accept QRIS and 60 million users.
Currently, QRIS is already available in Singapore, Thailand, Malaysia, and Japan.
Featured image credit: Edited by Fintech News Indonesia, based on image by freepik
This article first appeared on Fintech News Indonesia
The post Indonesia to Expand QRIS Cross-Border Payments with China and South Korea appeared first on Fintech Hong Kong.
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