🎙 By late 2025, South Korea 🇰🇷 will launch a QR code-based payment system in Indonesia 🇮🇩

🎙 By late 2025, South Korea 🇰🇷 will launch a QR code-based payment system in Indonesia 🇮🇩
South Korea will roll out a QR code-based payment system in Indonesia, following models previously used by Chinese platforms like Alipay and WeChat 🇨🇳. The goal is to develop a network that links Korean financial institutions with foreign entities.

⏩ Current landscape: Indonesia already operates its own QR payment infrastructure — the Quick Response Code Indonesian Standard (QRIS) — launched in 2019. In Q1 2025, QRIS processed 2.6 billion transactions and is currently interoperable with payment systems in Singapore 🇸🇬, Malaysia 🇲🇾, and Thailand 🇹🇭. Korean authorities view this as fertile ground for fostering an open banking ecosystem.

⏩ Technical advantages: QR code readers are significantly more affordable than NFC-enabled POS terminals, making digital payments more accessible—especially for small and micro merchants.

⏩ Growth outlook: Indonesia’s digital payments market is projected to grow at an annual rate of 17.33%, reaching USD 115.34 billion in 2025. This creates opportunities for international payment service providers.

👀👀 After the launch in Indonesia, the Korean Financial Telecommunications and Clearings Institute (KFTC) plans expansion to Vietnam 🇻🇳 and Georgia 🇬🇪.

#news #Asia #China

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