You Can Now Use Malaysia's Banking & eWallet Apps To Make Payments In Indonesia
Indonesians can also use their banking and eWallet apps to pay in Malaysia!
By Yap Wan Xiang — 09 May 2023, 04:24 PM
Travelling to Indonesia but have not gone to a money changer yet?
Fret not, because you can now use your banking and eWallet apps to scan QR codes to make payments there!
In a statement yesterday, 8 May, Bank Negara Malaysia (BNM) and Bank Indonesia (BI) announced the commercial launch of the Indonesia-Malaysia cross-border QR payment linkage.
Malaysia uses DuitNow QR codes, while Indonesia uses Quick Response Code Indonesian Standard (QRIS).
Following the launch, customers of participating financial institutions, which include non-banks, can simply use their apps to make instant retail payments at physical stores or online merchants in both countries, regardless if it is DuitNow QR codes or QRIS.
BNM governor Nor Shamsiah Mohd Yunus said the linkage offers significant potential to boost economic activities, including tourism spending in the two countries
"ASEAN is more connected now than ever. Many more users from Malaysia and Indonesia will benefit from a secure, more seamless, and more efficient experience to make and receive cross-border payments," said Nor Shamsiah.
"The payment linkage will also help expand markets for some businesses and facilitate increased settlements in local currency, thereby improving financial outcomes. The QR payment linkage between Malaysia and Indonesia complements a growing network of bilateral payment linkages within ASEAN that will contribute towards a more vibrant ASEAN and further development of the region as a centre of growth," she added.
The Governor of BI, Perry Warjiyo, said the implementation promotes "faster, cheaper, more transparent and more inclusive cross-border payments", with micro, small, and medium enterprises standing to benefit the most.
The launch comes after the successful completion of the pilot phase of the linkage announced on 27 January 2022
Below are the participating financial institutions that can scan QRIS and DuitNow QR codes to make payments in both countries:
As of now, Malaysia has cross-border QR payment linkages with three countries in total, namely Thailand, Singapore, and Indonesia
