Jakarta, InfoPublik - Bank Indonesia (BI) has once again expanded its payment cooperation network with international strategic partners. The expansion of this cooperation was carried out between BI and Japan’s Ministry of Economy, Trade, and Industry (METI) through the signing of a Memorandum of Cooperation (NK) regarding QR-based payment.
The signing of the NK was carried out by BI’s Head of Payment System Policy Department, Filianingsih Hendarta, and METI Japan’s Director General for Commerce and Service Industry Policy, Mogi Tadashi, on 9 December 2022 in Tokyo, witnessed by BI’s Deputy Governor, Dody Budi Waluyo, and METI Japan’s Parliamentary Vice Minister, Makoto Nagamine.
In a press release received on Monday, 12 December 2022, BI’s Deputy Governor Dody B. Waluyo, said that cooperation on QR-based payment between BI and METI Japan will be a major concern for regulators and industry considering that the NK in question can strengthen economic relations between Indonesia and Japan.
"This QR-based payment cooperation is at the same time a concrete manifestation of the implementation of the G20 Roadmap for Enhancing Cross-border Payments, as well as being a breakthrough in strengthening regional economic integration in line with Indonesia's chairmanship in ASEAN and Japan's co-chairmanship in ASEAN+3 in 2023, " said Doddy.
In addition, continued Dody, payment connectivity also needs to be linked to a framework to encourage the use of local money in order to support international trade and investment activities to create efficient cross-border retail and wholesale transactions.
Dody explained that Bank Indonesia continues to strive to initiate, strengthen and expand cooperation with various international strategic partners, both bilateral and multilateral cooperation, with various central banks and international partner authorities to create a cross-border payment system that is cheaper, faster, inclusive and transparent.
The QR-based payment cooperation aims to accelerate cooperation regarding the implementation and interoperability of cross-border or country payments using QR codes, namely the QR Code Indonesian Standard (QRIS) and the Japan Unified QR Code (JPQR). This collaboration will build a framework that facilitates QR-based payments between the two countries, including for third parties such as payment system operators (SP).
The agreement marks the start of cooperation between BI and METI Japan to carry out various activities related to the interconnectivity of QR-based payment systems which include policy dialogue, technical cooperation, and the formation of working groups to ensure goals are achieved, including efforts to implement QR-based cross-border payments, to support people-to-people transactions in both countries. This cooperation is expected to encourage the digitization of payment systems in both Indonesia and Japan.
Photo: Bank Indonesia