Individuals in Malaysia & Indonesia can now make cross-border payments via QR code

Individuals can scan the Quick Response Code Indonesian Standard (QRIS) or DuitNow QR codes at physical stores or online merchants using services offered by participating financial institutions.

Bank Indonesia (BI) and Bank Negara Malaysia (BNM) have announced the commercial launch of the Indonesia-Malaysia cross-border QR payment linkage, following the successful completion of the pilot phase which began on 27 January 2022.

As part of the commercial launch, there will be an increase in the number of participating financial institutions including non-banks, allowing for 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 these participating financial institutions.

According to Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus, this payment linkage will provide a secure, more seamless, and more efficient experience in cross-border transactions, as well as 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.”

[ALSO READ: Travellers can now use QR codes to make payments to merchants between Malaysia and Singapore]

Adding on, Perry Warjiyo, Governor, Bank Indonesia, said: "Cross-border QR payment linkage between Indonesia and Malaysia is concrete evidence of strengthened cooperation on regional payment connectivity to promote faster, cheaper, more transparent, and more inclusive cross-border payments, particularly for the benefits of micro, small and medium enterprises.

"The linkage aligns with the G20 initiative in establishing the Roadmap for Enhancing Cross Border Payments, and serves as a significant deliverable of Indonesia’s chairmanship of the ASEAN in 2023, as well represents another milestone of the Indonesian Payment System Blueprint 2025."

As international travel gathers momentum, the payment linkage is expected to provide travellers greater convenience as well as benefit the tourism and retail sector of both economies.

List of participating financial institutions (as at 9 May 2023):

Indonesia

As issuers:

• Bank Sinarmas
• DANA
• Bank Permata
• Bank CIMB Niaga
• Bank Pembangunan Daerah (BPD) Bali
• Bank Syariah Indonesia
• LinkAja
• Bank Central Asia
• Ottocash
• Bank Mega

As acquirers:

• Bank Sinarmas
• DANA
• Bank Permata
• Bank CIMB Niaga
• Bank Pembangunan Daerah (BPD) Bali
• LinkAja
• Bank Central Asia
• Ottocash
• Bank Mega
• Bank Mandiri
• Bank Rakyat Indonesia
• Bank Negara Indonesia
• Gopay
• OVO
• BPD Jawa Barat & Banten
• Bank Nationalnobu
• Bank Danamon Indonesia
• Bank Maybank Indonesia
• BPD DIY
• BPD Provinsi Jawa Timur
• i-Saku
• BPD Sumatera Barat
• BPD Sulawesi Selatan dan Sulawesi Barat
• Artha Graha International
• Bank DKI
• BPD Jambi
• BPD NTT
• Astrapay
• GV e-money
• BPD Kalimantan Timur dan Kalimantan Utara
• DOKU
• BPD Kalimantan Barat
• BPD NTB Syariah
• BPD Papua
• Bank Multiartha Sentosa
• BPD Lampung
• Kaspro
• Dipay
• Bank Neo Commerce
• PACcash
• Paprika Multi Media
• Bank DBS Indonesia
• Virgoku
• BPD Jawa Tengah
• ShopeePay Indonesia

Malaysia

As issuers:

• CIMB Bank
• Hong Leong Bank
• Malayan Banking
• Public Bank
• TNG Digital

As acquirers:

• AmBank Malaysia
• Boost
• Hong Leong Bank
• Malayan Banking
• Public Bank Berhad
• Razer Merchant Services
• TNG Digital
• United Overseas Bank Malaysia