“Indonesia is expanding its national QR payment system’s reach into India, just months after linking up with China, as it looks to capture more of Asia’s fast-growing cross-border digital payment flows.”
“The expansion into India follows Bank Indonesia’s launch of cross-border QR payment connectivity with the People’s Bank of China in April, extending the efforts of South-east Asia’s largest economy to connect QRIS with Asia’s biggest payment ecosystems.”
“Under the arrangement, Indonesian travellers can use QRIS-enabled e-wallets and banking apps to make payments by scanning more than 80 million Alipay and UnionPay QR codes across China.”
“Meanwhile, Chinese visitors using the Alipay or UnionPay apps can pay at more than 40 million QRIS merchants across Indonesia, most of them micro, small-and-medium enterprises (MSMEs), which make up more than 99 per cent of businesses nationwide.”
“China is the world’s largest QR payment market, processing more than 1.2 billion mobile and QR code transactions daily, while India’s UPI handles over 400 million transactions a day.”