RoK, Indonesia to launch cross-border QR payment system
The Bank of Korea (BOK) announced on February 4 that the Republic of Korea (RoK) and Indonesia will roll out a cross-border QR code–based payment system from April, aiming to facilitate cashless payments and travel between the two countries, according to Yonhap News Agency.
Under the plan, the cross-border QR payment service will be made available at retail outlets in both countries after their central banks jointly established a local currency transaction (LCT) framework, based on a memorandum of understanding (MoU) signed in July 2024. In a statement, the BOK said the system is expected to reduce foreign exchange and transaction fee burdens, thereby facilitating bilateral exchanges and cooperation across a wide range of sectors, including trade, tourism and consumption
On the same day, BOK Governor Rhee Chang-yong and Bank Indonesia Governor Perry Warjiyo held a meeting in Seoul to review progress on linking the payment services and agreed to maintain close coordination in the time ahead.
The BOK also said it plans to gradually expand the application of the new system to online payment environments, while pushing ahead with efforts to extend QR-based payment connectivity to other member countries of the Association of Southeast Asian Nations (ASEAN).
