We can now pay digitally using QRIS in Malaysia and Thailand, as Bank Indonesia (BI) announced that it has commenced a trial run to make the QR code-based payment system available for transactions in Malaysia and Thailand.
QRIS, which stands for Quick Response Code Indonesian Standard, is described by BI as a standardization of payments using the QR code for “easier, faster, and secure” transactions.
BI Deputy Governor Doni P. Joewono said today that cooperation with the two countries’ central banks, Bank Negara Malaysia and Bank of Thailand, will allow for the interconnectivity of QR systems.
“Cross-border QR payment is one of the collaborative initiatives to build the standardization of infrastructure for settlement of trade payments between the [participating] countries,” Doni said.
The trial run for the cross-border QRIS payment in Malaysia and Thailand has commenced, which means Indonesians in Malaysia and Thailand can settle transactions digitally using the rupiah via QRIS.
Malaysians and Thais visiting Indonesia will also be able to use their countries’ respective QR payment ecosystems. BI did not give a date for the full launch of the cooperation.
“With the cross-country QR transaction, customers and merchants in the two countries are able to pay and accept payments for goods and services instantly,” Doni said.
In Indonesia, local banks and digital payment apps that facilitate QR code payments must be part of the QRIS ecosystem.