JAKARTA: The Quick Response Code Indonesian Standard (QRIS) payment method can now be used in Brunei Darussalam and Laos after the Brunei Darussalam Central Bank (BDCB) and the Bank of the Lao People’s Democratic Republic (BOL) officially joined the regional payment connectivity (RPC) system.
According to Bank Indonesia communication department head Erwin Haryono, BDCB signed the Memorandum of Understanding (MoU) on Feb 29, while BOL joined the RPC on Wednesday (April 3), during the 11th Asean Central Bank Governors and Finance Ministers' meeting in Luang Prabang, Laos.
"BDCB and BOL's decision to join the payment connectivity cooperation in the region marks the increase in the number of participants to eight central banks," said Erwin, as quoted by the Katadata business news portal.
"This cooperation will also serve as a means to facilitate trade, investment and economic activities in the region and promote close collaboration among central banks," said BDCB managing director Rokiah Badar, as quoted by Bisnis.
Apart from Indonesia, four other countries initiated the RPC system in November 2022: Malaysia, the Philippines, Singapore and Thailand. Vietnam joined the cooperation agreement in August 2023.
Since its initiation in 2022, the RPC system has strengthened central banks' role in developing and accelerating payment networks between countries, including quick response codes (QR) or fast payments.
Erwin said that the RPC system is meant to create cross-border payment networks that are fast, cheap and transparent.
"Cross-border payment connectivity provides benefits for cross-border economic activities, including increasing access for MSMEs [micro, small and medium enterprises] to international markets, as well as facilitating trade, remittances and tourist transactions in partner countries," said Erwin.
There are plans to expand the RPC system, even beyond Asean. - The Jakarta Post/ANN
