Consumers in both countries are now able to make retail payments online, by scanning the Quick Response Code Indonesian Standard (QRIS) or DuitNow QR codes at physical establishments or online merchants who accept services from partnering banking institutions.
Bank Negara governor Tan Sri Nor Shamsiah Mohd Yunus said the payment linkage would help 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.
"It will also help expand markets for some businesses and facilitate increased settlements in local currency, thereby improving financial outcomes," Nor Shahmsiah said in a joint statement issued by the central banks.
The link between Malaysia and Indonesia complemented a growing network of bilateral payment linkages within Asean that would contribute towards a more vibrant nation and further development of the region as a centre of growth, she added.
BI governor Perry Warjiyo said the initiative was a solid proof of improved cooperation on Regional Payment Connectivity to encourage faster and cheaper payments that benefit micro, small and medium businesses.
"The linkage aligns with the G20 initiative in establishing the Roadmap for Enhancing Cross Border Payments, and serves as a significant deliverable of Indonesia's chairmanship of the Asean in 2023, as well represents another milestone of the Indonesian Payment System Blueprint 2025.
"Providing more options for users, the cross-border payment transactions serve as a key to improve efficiency, to promote digital economy and financial inclusion in the region, as well as to maintain macroeconomic stability by promoting more extensive use of local currency for bilateral transactions under the Local Currency Transaction Framework," Perry added.
The payment linkage is a result of close collaboration championed by Bank Indonesia and Bank Negara, working closely with the Indonesian Payment System Association, including its member payment system operators in Indonesia, PayNet and participating financial institutions.
In connection with the launch, B and Bank Negara invited additional financial institutions to participat to further grow the cross-border payments ecosystem.
*Source: Pacific Asia Travel Association communications@PATA.org
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