Great news for Malaysians and Indonesians! Bank Negara Malaysia and Bank Indonesia have just announced a new cross-border payment system that allows users to pay for goods and services across the border by simply scanning a QR code. This means that users of Malaysian eWallets and online banking apps can now pay for their purchases in Indonesia, and Indonesian visitors can use their local banking and eWallet apps to pay at Malaysian merchants displaying the DuitNow QR code.
The QR code system used by Indonesia is called QRIS, which stands for Quick Response Code Indonesia Standard. This national code is similar to Malaysia’s DuitNow QR, and it can support payments from various providers. This means that regardless of which bank or eWallet provider you use, the QRIS code is able to support payments made with DuitNow QR-enabled apps from Malaysia.
The cross-border QR payment linkage has received positive feedback from Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus, who believes that it will boost economic activities between the two countries. “ASEAN is more connected now than ever,” he said. “Many more users from Malaysia and Indonesia will benefit from a secure, more seamless and more efficient experience to make and receive cross-border payments.”
Governor of Bank Indonesia, Mr Perry Warjiyo, also commented on the new payment system. He believes that it will promote faster, cheaper, more transparent, and more inclusive cross-border payments, particularly for the benefit of micro, small, and medium enterprises. The cashless payment linkage is expected to support a more inclusive and stronger post-pandemic economic recovery, strengthening the close economic ties between Indonesia and Malaysia.
The commercial launch of the cross-border QR payment system was announced after a successful pilot phase that was announced in January 2022. We believe that this new payment system will make life easier for Malaysians and Indonesians alike, and we hope that it will contribute to a more vibrant ASEAN and further development of the region as a centre of growth.