ASEAN QR Code Innovation Seen to Boost Cross-border Payments, Expand MSME Market Reach

The recently introduced ASEAN QR Code innovation promises to open up a broader market for micro, small, and medium enterprises (MSMEs) by facilitating seamless cross-border payments, Pandu Sjahrir, the legacy lead of ASEAN QR Code, told Indonesia’s news agency ANTARA.

This integration offers a platform where buyers from countries like Malaysia or Singapore can make payments directly to sellers online, ensuring the entire transaction process is streamlined and efficient.

Sjahrir emphasized the transformative potential of this innovation for e-commerce platforms. With the introduction of the ASEAN QR Code, e-commerce entities can broaden their market accessibility across various ASEAN nations.

Currently, the ASEAN QR Code is operational in five countries: Indonesia, Malaysia, the Philippines, Singapore, and Thailand. Payments made using this method will be not only cheaper but also safer and more straightforward than other prevalent modes of payment.

“Users can directly pay from their mobile phones, eliminating the need for credit cards or other payment mediums which often entail service fees on both ends,” Sjahrir elaborated.

He also highlighted the ongoing enhancements in the infrastructure supporting the use of the ASEAN QR Code across the five participating countries, which is leading to a uniform distribution. The primary challenge, according to Sjahrir, revolves around achieving interoperability or seamless operations between the systems.

Private sectors from these five nations are actively exploring avenues to maximize the benefits of these cross-border barcodes.

“It’s an inaugural step towards fostering enhanced business collaborations, encompassing both major corporations and MSMEs, within the ASEAN countries,” Sjahrir added.

Looking ahead, the vision is to implement the ASEAN QR Code across all ASEAN member nations. Still, the immediate focus remains on ensuring its optimal execution in the five current participating countries: Indonesia, Malaysia, the Philippines, Singapore, and Thailand.

The ASEAN QR Code stands as a testament to the efforts of the ASEAN Business Advisory Council (ASEAN-BAC). It was introduced under Indonesia’s 2023 ASEAN chairmanship, marking a significant stride in facilitating cross-border transactions and empowering MSMEs in the region.

Sponsored Links by DQ Promote



Send this to a friend