Indonesia Launches QRIS Cross-Border Payment Service with China

Bank Indonesia has officially rolled out the Quick Response Code Indonesian Standard (QRIS) cross-border payment service, forging a vital link between Indonesia and China. This significant development allows Indonesians traveling in China to conduct transactions using QRIS, while simultaneously enabling Chinese tourists and visitors to utilize the same system within Indonesia. The launch signifies a deepening economic and technological partnership between the two nations.

Deputy Governor Filianingsih Hendarta highlighted the achievement as a testament to the robust collaboration between Bank Indonesia and the People's Bank of China, alongside crucial industry partnerships. During the sandbox trial period, the system processed a substantial volume of transactions, with inbound payments (Chinese users in Indonesia) reaching approximately US$32.1 million and outbound payments (Indonesians in China) amounting to about US$6.4 million. These figures, recorded with limited initial participation, suggest a strong demand and considerable potential for future growth.

This initiative is more than just a payment convenience; it's a strategic move to support tourism, empower small businesses, and enhance people-to-people connectivity. By facilitating seamless, secure, and affordable transactions, the cross-border QRIS system aims to create a more integrated economic landscape. Bank Indonesia's commitment to promoting local currency usage further strengthens financial resilience and efficiency. With planned expansions and a growing list of participating institutions from both countries, this service is poised to become a cornerstone of bilateral economic relations, following successful implementations in other Asian nations like South Korea, Thailand, Malaysia, Singapore, and Japan.

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This important achievement reflects the strong and continuously growing collaboration between Bank Indonesia and the central bank of China, as well as close partnerships with industry stakeholders from both countries.