🎉 South Korea🇰🇷 and Indonesia🇮🇩 will launch a cross-border QR payment system in April

🎉 South Korea🇰🇷 and Indonesia🇮🇩 will launch a cross-border QR payment system in April

In its initial phase, the functionality will be limited to physical retail locations in both countries. Tourists will be able to make payments in local currencies without relying on currency exchange services, streamlining cross-border transactions and improving the overall travel experience.

🟣 QR code payments ensure interoperability between the domestic payment systems of South Korea and Indonesia, allowing customers to scan codes generated by merchants in both jurisdictions.

🟣 The supporting infrastructure is designed to lower:

🔵currency conversion fees, and

🔵transaction costs associated with international payments.

This is expected to enhance efficiency for both consumers and merchants, particularly in tourism-related sectors.

🟣 In parallel, South Korea and Indonesia signed an agreement to extend a bilateral currency swap: within corporate trade operations, for 5 years the countries will be able to exchange currencies up to 10.7 trillion won (7.32 billion USD), or 115 trillion Indonesian rupiah.

🟣 The Bank of Korea plans to expand the use of the system to online payments in the future and to promote the adoption of QR-based payment systems in other member states of the Association of Southeast Asian Nations.

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