The launch follows the successful completion of the pilot phase of the linkage announced on Jan 27, 2022.
The linkage enables Indonesians and Malaysians to make instant retail payments in both countries by scanning the Quick Response Code Indonesian Standard or DuitNow.
"The payment linkage will also help expand markets for some businesses and facilitate increased settlements in local currency, thereby improving financial outcomes. BI Governor, Perry Warjiyo said the cross-border QR payment linkage between Indonesia and Malaysia is concrete evidence of strengthened cooperation on Regional Payment Connectivity to promote faster, cheaper, more transparent and more inclusive cross-border payments, particularly for the benefits of micro, small and medium enterprises.
"It would also maintain macroeconomic stability by promoting more extensive use of local currency for bilateral transactions under the Local Currency Transaction Framework,” he said.
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