Connecting Southeast Asia Through QRIS Cross-Border Payment Integration

Southeast Asia is experiencing a significant transformation in its financial landscape, marked by the rapid adoption of digital payments (World Economic Forum, 2023). This shift is driven by technological innovation, evolving consumer behaviour, and supportive regional policies. Today, eight out of ten ASEAN Member States have implemented low-cost national Quick Response (QR) payment systems, which have made digital transactions more accessible, particularly for segments of the population with limited access to formal financial services (ASEAN, 2024). According to the e-Conomy SEA 2024 report by Google, Temasek, and Bain & Company, digital payments in the six largest ASEAN countries (Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam) reached USD 1,002 billion in 2023 and grew to USD 1,138 billion in 2024. By 2030, this figure is expected to reach between USD 2,100 billion and USD 2,400 billion, representing up to 72% of total transaction value. These trends reflect the growing importance of digital finance in Southeast Asia’s economy. 

Among ASEAN member states, Indonesia has emerged as one of the regional leaders in advancing digital payment infrastructure through the introduction of the Quick Response Code Indonesian Standard (QRIS). Initiated by Bank Indonesia and officially launched in August 2019, QRIS was designed as a single QR code standard that allows all digital payment services to be used seamlessly across the country (Bank Indonesia, n.d.). Previously, merchants were required to display multiple QR codes to accommodate different providers. QRIS addressed this fragmentation by bringing all payment service providers under a single national standard, making transactions more convenient, efficient, and accessible for both merchants and consumers.

As a result of its nationwide implementation, QRIS has brought significant changes to Indonesia’s payment ecosystem, particularly in expanding financial inclusion, increasing merchant participation, and driving transaction growth. By early 2025, more than 56 million people in Indonesia were using QRIS to make payments, while approximately 38 million merchants had adopted the system. Among these merchants, 92.5% are classified as micro, small, and medium enterprises (MSMEs), and QRIS also recorded 2.6 billion transactions in the first quarter of 2025 (Market Research Indonesia, 2025). These figures demonstrate QRIS’s strong contribution to empowering small businesses and promoting inclusive economic growth.

Building on its domestic success, Indonesia has also taken concrete steps to expand the reach of QRIS through cross-border integration within the ASEAN region. According to Bank Indonesia, QRIS is now accepted in three ASEAN countries, which include Singapore, Malaysia, and Thailand, enabling Indonesian users to make payments abroad using their local applications. The collaboration aims to ensure that QR code-based payment systems in each country operate seamlessly, allowing consumers and businesses to conduct real-time, low-cost transactions across borders. These systems also include automatic currency conversion at competitive rates, allowing customers to pay in their own currency while merchants receive funds in theirs (Han & Abdi, 2025). This mechanism simplifies cross-border payments and reduces the need for tourists or travellers to carry foreign cash.

QRIS has evolved from unifying Indonesia’s digital payments to becoming a key driver of regional financial integration across ASEAN. Its design, focused on compatibility, accessibility, and efficiency, demonstrates how digital innovation can support both domestic progress and international cooperation. Building on this momentum, stakeholders are invited to join the “QRIS: ASEAN Cross-Border Payment” event on August 7, 2025, in Jakarta, hosted by the Jakarta Investment Centre. The discussion will serve as a forum for representatives from Bank Indonesia, business leaders, and digital innovators to exchange insights, explore strategic partnerships, and help shape the future of seamless, inclusive payments across Southeast Asia.