Bank Indonesia Launches QRIS in Thailand

TheIndonesia.co - Indonesian central bank has announced that the Quick Response Code Indonesian Standard, or QRIS, can now be used in Thailand to support cross-border transactions, including in tourism and small business sectors.

Governor of Bank Indonesia Perry Warjiyo confirmed on Monday, August 29, that customers can start using QRIS for different types of cross-border transactions.

“Today, we start a full implementation with Thailand. QR Indonesia and QR Thailand were tried before, and today is the full implementation,” Warjiyo said, as reported by Antara.

The technology can help customers to not having to exchange their money because transactions in Thailand can now be made using the freshly launched interstate QRIS.

According to Warjiyo, in May, the central bank governors from Indonesia, Thailand, Malaysia, Singapore, and the Philippines reached agreement to connect their QR code payment, fast payment, and local currency systems.

Furthermore, President Joko Widodo reportedly asked for similar connected payment system to be expanded globally.

Aside from Thailand, the trial of QRIS in Malaysia has been running since January while an agreement is currently being finalized with Singapore.

“This initiative will support national tourism, small and medium enterprises, and digital economy,” BI governor said.

President Joko Widodo said Indonesia aims to create and promote a platform that can support tourism and small business sectors, so they can flourish in international markets.

“We don’t merely become a market, but we also have a platform that will have growing users,” he said on the launching.

According to Bank Indonesia, the year-on-year transaction volume of QRIS grew by 268.64 percent in February 2022.