Bank Indonesia (BI) and Bank Negara Malaysia (BNM) have launched a cross-border QR payment linkage, which will enable instant, secure and efficient cross-border payments between Indonesia and Malaysia.

The Cross-Border QR Payment Linkage enables merchants and customers in both countries to make and receive payments using either the QR Code Indonesia Standard (QRIS) or the Malaysian DuitNow QR codes displayed by offline and online merchants.

BI and BNM said in a joint statement that the system is in a pilot phase and is expected to become fully commercial in the third quarter of 2022.

Jessica Chew Cheng Lian, Deputy Governor of Bank Negara Malaysia said that the cross-border QR payment linkage between Malaysia and Indonesia marks a key milestone in the long history of collaboration between both countries. This in turn will further accelerate their digital transformation and financial integration, for the benefit of individuals and businesses, she said.

Earlier in last August, the BNM and the Bank of Thailand launched a similar system, which is implemented in three phases with the last one set to become operational in the fourth quarter of 2022.

Source: VNA