Bank Indonesia (BI) has once again expanded its network of international payment cooperation with strategic partners. This expansion involves BI and the Bank of Korea (BoK) signing a Memorandum of Understanding (MoU) on July 15, 2024, in Penang, Malaysia, regarding QR code-based payments.

Key Point

• This cooperation will help people in both countries make transactions easier. It aims to improve digital economy and finance in Indonesia and South Korea, especially because many people travel between the two countries
• The MoU is expected to help create a better, faster, fairer, and clearer way for people to make payments between Indonesia and South Korea across their borders.

Courtesy Source: Muhammad Fazer Mileneo

www.goodnewsfromindonesia.id/2024/07/23/qris-segera-berlaku-di-korea-selatan-transaksi-bisa-semakin-mudah

The cooperation aims to accelerate collaboration on cross-border payment interconnection and interoperability using QR codes, specifically Indonesia's QR Code Indonesian Standard (QRIS) and South Korea's designated QR code for payments as determined by BoK.

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This initiative will establish a framework facilitating QR code-based payments between the two countries, including payment system operators or service providers.

Supporting transactions for citizens of both countries, this agreement marks the beginning of cooperation between BI and BoK in implementing QR code payment connectivity, supported by close industry synergies from both nations. The cooperation will proceed with interconnection development followed by trial phases before full implementation.

The implementation of this cooperation will support transactions between citizens of both countries, aiming to boost digital economy and finance in Indonesia and South Korea, particularly due to high volumes of tourism between the two nations.

BI Governor Perry Warjiyo emphasized that the QR code-based payment cooperation between BI and BoK will strengthen economic ties between Indonesia and South Korea.

"This QR code payment system cooperation is a concrete manifestation of the G20 Roadmap for Enhancing Cross-border Payments. In addition, cross-border payment connectivity needs to be synergized with local currency schemes in bilateral transactions to support macroeconomic stability and enhance efficiency," he explained, as quoted in Bank Indonesia's official statement.

The MoU is expected to support the establishment of a more efficient, fast, inclusive, and transparent cross-border payment system between Indonesia and South Korea. Looking ahead, Bank Indonesia remains committed to strengthening and expanding international cooperation with central banks and other relevant authorities to promote cross-border payment connectivity.

Courtesy Source: https://tekno.kompas.com/read/2023/02/04/03000037/apa-itu-qris-dan-fungsinya-bagi-pelaku-bisnis?page=all