Indonesia, China launch cross-border QRIS payment to boost regional financial cooperation.

Indonesia and China have launched cross-border QR interoperability, marking a significant milestone in deepening financial cooperation and accelerating digital payment integration between the two countries.

The initiative, introduced by Bank Indonesia on Thursday, enables users from both countries to conduct retail payments seamlessly by scanning QR codes across borders. The system is expected to support tourism, trade activities, and people-to-people exchanges, while reinforcing regional payment connectivity across Asia.

The collaboration reflects a broader push by Bank Indonesia to promote local currency transactions and reduce reliance on global reserve currencies in cross-border payments, particularly the U.S. dollar.

Speaking at the launching ceremony in Jakarta, Bank Indonesia Governor Perry Warjiyo emphasized that the linkage demonstrated tangible progress in bilateral financial integration.

“Now, whether Indonesians go to China or Chinese visitors come to Indonesia, they can use QRIS. Just use your mobile phone,” he said.

The initiative is built on a direct local currency settlement mechanism between the Indonesian rupiah and the Chinese yuan, allowing transactions to bypass third-party currencies. This system is expected to reduce exchange rate risks, lower transaction costs, and enhance financial autonomy for both countries.

Xie Dai, deputy general manager of UnionPay International Southeast Asia, said the project represented a major step forward in simplifying cross-border payments.

Beyond technical integration, the initiative is also seen as part of a broader strategic vision for digital sovereignty and innovation.

First introduced in 2019, Indonesia’s QRIS (Quick Response Code Indonesian Standard) integrates various payment platforms into a single standardized system, enabling interoperability across banks and digital wallets. Its cross-border expansion builds on earlier implementations in Southeast Asia and forms part of ongoing efforts to extend the system globally, including to major economies such as China and Japan.

The launch comes amid rapid growth in Indonesia’s digital economy. Bank Indonesia reported 14.39 billion digital transactions in the first quarter of 2026, up 33.76 percent year on year. QRIS transactions alone surged by 119 percent, driven by increasing adoption among micro, small and medium enterprises and retail users.

Source: thestar