South Korea and Indonesia plan to launch a cross-border QR-code payment service in April, allowing visitors to pay at merchants in either country using their domestic QR payment apps, Indonesia’s central bank said.
The planned linkage underscores how central banks are increasingly treating retail payments connectivity as economic infrastructure: QR interoperability can shave costs off everyday cross-border spending, reduce reliance on cash, and complement local-currency settlement initiatives.
Bank Indonesia said on Thursday it and the Bank of Korea reviewed the progress of the QR-based payment interlinkage and agreed to maintain close cooperation as they move toward rollout.
The initiative is the result of bilateral work that began with discussions in 2023 and was formalised through a memorandum of understanding signed in July 2024, Bank Indonesia said.
Once live, the service is expected to make payments easier and more efficient for travellers from both countries, particularly when paired with the Local Currency Transaction (LCT) framework between Indonesia and South Korea that has been in effect since September 2024.
Bank Indonesia said the combination of QR payment connectivity and the LCT framework is expected to reduce foreign-exchange conversion costs and transaction fees for users, easing the burden of small-value payments such as retail purchases, food and beverage spending, and local transportation.
The central bank added that lowering these frictions could support broader “real-sector” economic exchanges, including tourism and consumption, and help facilitate trade-related activity between the two economies by making cross-border transactions more seamless for individuals and smaller merchants.
The Korea–Indonesia cross-border QR payment service is scheduled to be available at merchants in both countries starting in April 2026, Bank Indonesia said, without providing details on initial merchant coverage, participating payment applications, or transaction limits.
The two central banks also agreed to continue discussions on further enhancements to the system after launch, including additional QR payment features and wider usability across different payment environments, Bank Indonesia said.
