Asia Central Banks Cooperate for QR Code Interoperability
(20 July 2022 – South East Asia) The reserve banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand are collaborating to link up their QR code-based payments systems.
Linking their domestic payment systems will enable consumers from each country to seamlessly pay for goods and services throughout the South East Asian region. Payments will use local-currency settlements between the countries, bypassing the need for the US dollar (USD) as intermediary.
Thailand and Indonesia have connected their payments “rails” already, in that Indonesian customers can use their mobile payment apps to scan Thai QR Codes to make payments to merchants all over Thailand and vice versa.
"It’s a public good infrastructure which improves financial inclusion, enhances efficiency and creates new business opportunities for all citizens” commented Monetary Authority of Singapore Managing Director, Ravi Menon.
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