South Korea and Indonesia to Launch Cross-Border QR Payment Service in April 2026: Enhancing Trade and Tourism

Bank Indonesia and the Bank of Korea have announced the upcoming launch of a cross-border QR payment service in April 2026.

This innovative service will enable seamless QR-based payments between South Korea and Indonesia, benefiting tourists, traders, and consumers alike.

Historical Background of Cooperation

Bilateral discussions on the QR payment interlinkage began in 2023.

In July 2024, the two central banks signed a memorandum of understanding (MoU) to advance the project.

The service builds on the Local Currency Transaction (LCT) framework, which has been effective since September 2024.

Key Benefits and Economic Impacts

The cross-border QR payments will significantly reduce foreign exchange and transaction fees for users.

It aims to facilitate real-sector economic exchanges, including trade, tourism, and everyday consumption.

Visitors to both countries will enjoy easier and more efficient payment options at merchants nationwide.

Future Prospects and Regional Trends

The banks have agreed to continue close cooperation for further enhancements to the service.

Plans include expanding QR payment features and usability across diverse environments.

This initiative aligns with growing ASEAN trends, where cross-border QR transactions reached millions in recent periods.

Overall, the launch marks a milestone in digital financial integration between the two nations.