Jakarta. Bank Indonesia (BI) Governor Perry Warjiyo and Bank of Korea (BoK) Governor Ree Chang-yong signed a Memorandum of Understanding (MoU) on QR code-based payments Monday.

Perry emphasized that the cooperation on QR code-based payments between BI and BoK will strengthen economic ties between Indonesia and South Korea. This collaboration also represents the practical implementation of the G20 Roadmap for Enhancing Cross-border Payments.

“Cross-border payment connectivity needs to be synergized with local currency schemes in bilateral transactions to support macroeconomic stability and increase efficiency,” Warjiyo said in an official statement.

The MoU is expected to create a more efficient, fast, inclusive, and transparent cross-border payment system between Indonesia and South Korea. BI will continue to strengthen and expand international cooperation with other central banks and relevant authorities to promote cross-border payment connectivity.

“This cooperation will build a framework that facilitates QR code-based payments between the two countries, including payment system operators or payment service providers,” Warjiyo explained.

The agreement marks the beginning of collaboration between BI and BoK in implementing QR code-based payment connectivity, supported by close industry synergy in both countries. This will be followed by the development of interconnections and subsequent trial phases before full implementation.

The cooperation will support transactions between the people of both countries, promoting digital economy and finance in Indonesia and South Korea, given the high number of tourists between the two nations.

Quick Response Code Indonesian Standard (QRIS) payments are already accepted in Singapore, Malaysia, and Thailand.