Bank Indonesia and the Bank of Korea have launched cross-border QR payment connectivity between Indonesia and South Korea, allowing Indonesians to make transactions in South Korea using QRIS through domestic applications without exchanging currency.
Transactions use the local currencies of both countries, improving efficiency and lowering costs.
The initiative forms part of the Joint Vision Statement signed by President Prabowo Subianto and President Lee Jae Myung.
Governor Perry Warjiyo, said:
“The launch not only facilitates transactions but also strengthens MSMEs, boosts tourism, and opens new opportunities for businesses, supporting inclusive and sustainable economic growth.”
Deputy Governor of the Bank of Korea, Chang Cheong-soo, added:
“This initiative marks an important milestone reflecting growing cooperation between the two countries, particularly in strengthening digital finance and the economy.”
The cross-border QRIS builds on Indonesia’s previous agreements with Thailand, Malaysia, Singapore, and Japan, which have collectively recorded millions of transactions with a combined value of several trillion rupiah.
As of February 2026, QRIS had 60.77 million users.
In 2025, inbound transactions from foreign visitors in Indonesia (5,892,621) exceeded outbound transactions by Indonesians abroad (1,681,112).
Bank Indonesia and the Bank of Korea, together with ASPI, KFTC, and participating financial institutions, aim to maintain a secure and reliable cross-border payment system that supports financial stability and economic growth.
Featured image credit: Bank Indonesia press release
This article first appeared on Fintech News Indonesia