QRIS Payment Can Be Used in South Korea

South Korea – The Indonesian Standard QR Code (QRIS) payment system will soon be available for transactions in South Korea. This follows a payment cooperation agreement between Bank Indonesia (BI) and the Bank of Korea (BoK).

The cooperation was marked by the signing of a memorandum of understanding between BI Governor Perry Warjiyo and BoK Governor Ree Chang-yong regarding QR code-based payments. The agreement was officially established on Monday (July 15).

Warjiyo explained that the QR code-based payment cooperation aims to accelerate the collaboration related to cross-border payment interconnectivity and interoperability using QR codes, namely QRIS and the QR code payment system of South Korea.

"This cooperation will establish a framework that facilitates QR code-based payments between the two countries, including payment system operators or payment service providers," Warjiyo said in a statement.

Through this collaboration, both countries agreed to implement QR code-based payment connectivity.

The initiation of this cooperation will be followed by the development of interconnectivity and a trial phase before full implementation.

Warjiyo remarked that the implementation of this cooperation will support transactions between people in both countries to promote digital economy and finance in Indonesia and South Korea, given the high number of tourists between the two countries.

"QR code-based payment cooperation between BI and BoK will strengthen economic relations between Indonesia and South Korea," he added.

Additionally, cross-border payment connectivity also needs to be synergized with local currency schemes in bilateral transactions to support macroeconomic stability and improve efficiency, Warjiyo said.

Furthermore, the cooperation is expected to support the realization of a more efficient, faster, inclusive, and transparent cross-border payment system between Indonesia and South Korea.

"Going forward, Bank Indonesia will continue to strengthen and expand international cooperation with central banks and other relevant authorities internationally to promote cross-border payment connectivity," he continued.