According to reporting from Antara News, Indonesia and South Korea have agreed to expand cooperation by linking QR (quick response) Code payments through the signing of a memorandum of understanding between Bank Indonesia (BI) and Bank of Korea (BoK).
“This collaboration will facilitate QR Code-based payments between the two countries, including payment system operators,” the governor of BI, Perry Warjiyo, said on Monday (15/7/24), adding that it aims to accelerate cooperation regarding interconnection and interoperability of cross-border payments using QR codes, namely the Indonesian Standard QR Code (QRIS) and the South Korean payment QR Code, which will be determined by the Bank of Korea.
Warjiyo said that the agreement marks the start of cooperation between BI and BoK in implementing QR Code-based payment connectivity, which will be supported by close synergy between industrial players in the two countries, reports Antara News.
According to him, the collaboration will support transactions between citizens of the two countries to encourage digital economy and finance given the high number of tourists between the two countries.
The collaboration on QR Code-based payment systems is also a concrete manifestation of the G20 Roadmap for Enhancing Cross-border Payments, he added.
In addition, cross-border payment connectivity must be synergized with local currency schemes in bilateral transactions to support macroeconomic stability and increase efficiency, the governor said.
Antara News reports that the MoU is expected to support the realization of a cross-border payment system between Indonesia and South Korea that is more efficient, inclusive, transparent, and quick.
In the future, Bank Indonesia will strengthen and expand international cooperation with central banks and other relevant international authorities to encourage cross-border payment connectivity, according to Antara News.
Source: Antara News
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