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Market Chatter: Bank Indonesia to Launch QRIS Payment System with China

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Bank Indonesia is planning to launch its cross-border Quick Response Code Indonesian Standard (QRIS) connectivity with China on April 30, The Jakarta Globe reported Wednesday.

The move comes as part of Indonesia's bid to become less dependent on the US dollar and boost stability related to the rupiah exchange rate.

Indonesian visitors to China will be able to use QRIS in China, while Chinese travellers will have the option of making payments using compatible systems in Indonesia, according to the report.

24 Indonesian companies and 19 Chinese institutions are reportedly taking part in the implementation of the payment connectivity framework.

The launch will follow a trial period in which 556 billion rupiahs of transactions were conducted, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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