Indonesia, Thailand Launch Cross-Border QR Payment Linkage

Jakarta: Bank Indonesia (BI) and the Bank of Thailand (BOT) have launched a cross-border QR payment linkage between Indonesia and Thailand. 
 
Under this linkage, consumers and merchants in both countries will be able to make and accept instant cross-border QR payments for goods and services. 
 
This connection is the first that links the retail payment system operators in both countries. 

It also marks a key milestone in the ASEAN Payment Connectivity initiative, aiming to promote financial integration in the region.
 
"The launch today is the project's pilot phase, aiming to ensure smooth interconnection and pave the way for customers, merchants, and operators for the full commercial launch next year," stated the central banks in a joint press release on Tuesday. 
 
At this stage, users from Indonesia are now able to use their mobile payment applications to scan Thai QR Codes1 to make payments to merchants all over Thailand. 
 
Likewise, users from Thailand are now able to use their mobile payment applications2 to scan QRIS (Quick Response Code Indonesian Standard)3 to pay for goods and services at merchants in Indonesia and also use this service for their cross-border e-commerce transactions.
 
"This service will be beneficial for the people of Indonesia and Thailand engaging in cross-border transactions, such as tourists. Once international travel resumes, tourism will be the key sector that will greatly benefit from this service due to the large number of tourist flows between the two countries," the central banks explained.
 
The full commercial phase will be launched in the first quarter of 2022.  
 
During this phase, more participating banks/non-banks are expected to join. 
 
In the future, the service will be expanded to enable users in both countries to make real-time fund transfers conveniently by referencing the recipient's mobile phone number.
 
This project is made possible with the collaboration of various stakeholders from both countries under the joint stewardship of BI and the BOT. 
 
These include the Indonesian Payment System Association (ASPI), the Thai Bankers' Association, 13 QRIS providers, RAJA (Rintis, Artajasa, Jalin, and Alto) – the four switching operators from Indonesia, National ITMX (NITMX) – the payment system operator from Thailand, as well as ACCD banks, including Bank Central Asia (BCA), Bank Negara Indonesia (BNI), and Bank Rakyat Indonesia (BRI) from Indonesia, and Bangkok Bank (BBL), Bank of Ayudhya (Krungsri), and CIMB Thai Bank (CIMBT) from Thailand.
 
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