Korea, Indonesia launch cross-border QR code-based payment system

Travelers between Korea and Indonesia can now make payments without exchanging currencies using a QR code-based payment system, Seoul's central bank said Wednesday.

The cross-border QR payment service became available at stores in both countries on the day of its announcement, as the Bank of Korea (BOK) and Bank Indonesia established a local-currency transaction framework following a memorandum of understanding signed in July 2024, according to the BOK.

"The system is expected to reduce foreign exchange and transaction fee burdens, thereby facilitating bilateral exchanges and cooperation across a wide range of sectors, including trade, tourism and consumption," the BOK said in a statement.

The central bank plans to expand the service to online payment platforms in the future, and also aims to extend the QR-based payment system to other members of the Association of Southeast Asian Nations.

Yonhap