Bank Indonesia (BI) and the People’s Bank of China (PBOC) have begun a series of trials for cross-border QR code payments, linking the QR Code Indonesia Standard (QRIS) with China’s payment system to enable seamless interoperability.
According to Antara News, BI Governor Perry Warjiyo said:
“The continuous development and innovation of QRIS features aim to expand its acceptance and support digital economic and financial inclusiveness. One of the innovations is the cross-border QRIS.”
He explained that the payment interconnection between Indonesia and China would facilitate cross-border trade and financial transactions, particularly for MSMEs, while also encouraging tourism between the two countries.
Warjiyo expressed hope that the trial would be successful and eventually lead to the official roll-out of cross-border QRIS in Chinese markets.
The trial in China involves the Indonesian Payment System Association (ASPI), China’s UnionPay International (UPI), as well as payment system operators from both countries.
Warjiyo noted that the initiative reflected the shared commitment between Bank Indonesia and the national payment system industry to bring Indonesian digital payments onto the global stage.
BI Deputy Governor Filianingsih Hendarta previously reported that cooperation on the planned QRIS expansion to China was progressing positively.
ASPI and UPI have agreed to finalise business, technical, and operational arrangements.
Four Indonesian switching service providers, PT Rintis Sejahtera (Rintis), PT Alto Network (Alto), PT Artajasa Pembayaran Elektronis (Artajasa), and PT Jalin Pembayaran Nusantara (Jalin), have also signed agreements with UPI to move forward with system development and sandbox testing.
Since its launch in 2019, QRIS has expanded across borders and is now available in Malaysia, Thailand, and Singapore.
Featured image credit: Edited by Fintech News Indonesia, based on image by freepik
