ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Indonesia-Malaysia QR code payments get started under ASEAN system

Cross border scheme could cut transaction costs by 30%, offer exchange rate buffer

Indonesians and Malaysians are being brought closer together by an ASEAN initiative that makes cross-border payments easier and cheaper. (Source photos by Getty Images and logo from ASEAN BAC INDONESIA's website)

KUALA LUMPUR -- A regional cross-border system for making payments in local currencies is gaining traction among members of the Association of Southeast Asian Nations, with direct transactions between the Malaysian ringgit and Indonesian rupiah now available.

Malaysians traveling to Indonesia can now pay for retail goods and services by scanning quick response (QR) codes with their mobile phones, and so can Indonesians in Malaysia. Payments are settled using the local currency, bypassing the need for U.S. dollars as an intermediary -- and potentially saving up to 30% in transaction costs.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more