Indonesia QRIS Payment Network Expands to South Korea

Indonesia QRIS payment network has officially expanded to South Korea after Bank Indonesia and the Bank of Korea launched a cross-border QRIS payment link under a local currency settlement framework.

The linkage allows users to make retail payments directly between the rupiah and South Korean won, reducing reliance on the US dollar.

Bank Indonesia said inbound QRIS transactions had reached 5.9 million and outbound transactions 1.7 million as of early April.

Officials said the expanded Indonesia QRIS payment network is expected to support tourism, micro, small and medium-sized enterprises, and wider trade flows.

South Korea joins Thailand, Malaysia, Singapore and Japan in Indonesia’s cross-border QRIS system, while China is expected to be integrated from May 1.