Indonesia: Announced Cross-border QR Payment Linkage between Indonesia and Thailand introducing an interoperability regulation

On 17 August 2021, Indonesia's and Thailand's central banks announced in a joint press release that they launched a cross-border QR payment linkage between Indonesia and Thailand, which enables consumers and merchants in both countries to make and accept instant cross-border QR payments for goods and services. The cross-border QR payment linkage is aiming to bring benefits for people of Indonesia and Thailand engaging in cross-border transactions, such as tourists. As for now, the project’s pilot phase has started and it is intended to launch the full commercial phase in the first quarter of 2022. Altogether, the central banks state that this collaboration also marks a key milestone in the ASEAN Payment Connectivity initiative, aiming to promote financial integration in the region.