Indonesia and South Korea Launch Direct Cross-Border QR Payment Interlinkage

Bank Indonesia and the Bank of Korea officially launched a cross-border QR payment interlinkage on April 1, 2026. This partnership allows Indonesian travelers to use QRIS apps in South Korea and South Koreans to pay via their domestic apps at millions of Indonesian merchants. The initiative simplifies transactions for tourists and small businesses by removing the need for physical cash or credit card hardware.

Direct Settlement Technology

The system relies on a Local Currency Transaction framework which facilitates direct exchange between the Rupiah and the Won. Designated banks act as dealers to route liquidity directly, bypassing the traditional process of converting local currency into US Dollars first. This technical integration connects Indonesia's QRIS standard with South Korea's financial switching infrastructure managed by the Korea Financial Telecommunications and Clearings Institute.

Challenges for Other Nations

Implementing such a system requires a unified domestic QR standard, which many nations still lack. Most countries also depend on global payment giants or the US Dollar as a middleman, making bilateral settlements legally and technically complex. Coordination between central banks to align regulatory oversight and technical switching operators often takes years of diplomatic and financial negotiation.

Wide Merchant Accessibility

Users can now utilize familiar financial apps like KB Kookmin or Hana Bank in Indonesia, while Indonesians use QRIS-enabled apps for Seoul Pay and Jeju Island's Tamna Jeon. This integration effectively supports over 32 million merchants in Indonesia alone, including high-traffic destinations like Bali and Jakarta. It serves as a major milestone for micro-enterprises that previously struggled with foreign exchange costs.

Regional Digital Connectivity

Future plans involve expanding this service to e-commerce and broader Asian markets to further reduce transaction fees. Both central banks agreed to continue discussions to explore broader QR payment features across different payment environments. More information can be found at the Bank Indonesia official release.