Bank Indonesia (BI) and the Bank of Thailand (BOT) launched a cross-border QR payment linkage between Indonesia and Thailand today. 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.
This development follows similar arrangments between Singapore and Thailand, and Malaysia and Thailand which announced the enablement of instant cross-border QR payments.
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.
At this stage, users from Indonesia are now able to use their mobile payment applications to scan Thai QR Codes to make payments to merchants all over Thailand. Likewise, users from Thailand are now able to use their mobile payment applications to scan QRIS (Quick Response Code Indonesian Standard) to pay for goods and services at merchants in Indonesia and also use this service for their cross-border e-commerce transactions.
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.
