Indonesia and South Korea link QR payments to bypass foreign exchange

Indonesia received 5.89 million inbound QR transactions in 2025.

Bank of Indonesia and Bank of Korea have officially linked their QR payment systems to allow cross-border payments between the two countries.

Indonesians can now pay in South Korea using QRIS, using domestic applications without the need to exchange foreign currency.

Transactions are conducted directly in the local currencies of both countries, making them more efficient and cost-effective, the BI said in an online post in April 2026.

BI credited the successful implementation of the QR systems of both countries to the two central banks, the Indonesia Payment System Association (ASPI) including payment system infrastructure providers as members of ASPI, Korea Financial Telecommunications & Clearings Institute (KFTC), as well as participating financial institutions.

In 2025, inbound transactions in Indonesia reached over 5.89 million, higher than the 1.68 million outbound transactions, according to central bank data. This reflects the positive impact of QRIS cross-border to the Indonesian economy, it said.

There are 60.77 million users of QRIS as of February 2026.