Malaysians can use QR Pay in Indonesia now

Initially revealed in January last year, Bank Negara Malaysia (BNM) and Bank Indonesia (BI) has just announced today that Malaysians can use the QR payment system both in physical stores or online merchants in Indonesia, and Indonesians can do the same in Malaysia.

More and more financial institutions, including non-banks, are looking to participate in linkage with its commercial launch, and this will enable more Malaysians and Indonesians to make instant retail payments in either country.

Cross-border QR Pay will boost the economic growth of both countries

According to Bank Negara Governor, Tan Sri Nor Shamsiah Mohd Yunus, this collaboration has significant potential in boosting economic activities, including tourism spending in both countries:

“…The payment linkage will also 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.” – Tan Sri Nor Shamsiah Mohd Yunus, in a BNM press release

Bank Indonesia’s Governor, Mr. Perry Warjiyo, commented on how the QR payment linkage will provide more options for users in cross-border payment transactions, and how it will benefit Malaysia and Indonesia:

“…It provides more options for users in cross-border payment transactions and serves as a key to improve efficiency, to promote digital economy and financial inclusion in the region, as well as to maintain macroeconomic stability by promoting more extensive use of local currency for bilateral transactions under the Local Currency Transaction Framework.” – Mr. Perry Warjiyo, remarking on the occasion

Currently, for Malaysians, you can use the apps from Ambank, Boost, Hong Leong Bank, Maybank, Public Bank, Razer Merchant Services, Touch ‘n Go, and United Overseas Bank to scan QR payment codes in or from Indonesia. We’re not entirely sure how the exchange rate will work, but we’re guessing it’ll follow the rates of respective banks and financial institutions.

BNM and BI are welcoming the participation of more financial institutions

The successful launch of the payment linkage is a result of close industry collaboration championed by BI and BNM which worked closely with the Indonesian Payment System Association (which include its member payment system operators in Indonesia), PayNet, and participating financial institutions.

BI and BNM welcome participation from more financial institutions to further expand the cross-border payments ecosystem.