Starting this month, Korean consumers can make payments in Indonesia simply by scanning QR codes using their domestic finance apps.
The Bank of Korea (BOK) announced on July 1 that the "Korea-Indonesia QR-based payment service" has been launched for the first time.
In July 2024, the BOK signed a memorandum of understanding (MOU) with Bank Indonesia, the Indonesian central bank, and has since been working to link QR-based payment services between the two countries.
Woori Card and KB Kookmin Bank have now launched the QR-based service, built on the payment infrastructure provided by the Korea Financial Telecommunications & Clearings Institute.
Unlike typical overseas payments that involve double currency conversion — from won to dollars and then from dollars to the local currency — the service uses a direct local currency exchange system provided by Hana Bank, significantly reducing transaction fees for customers, the BOK explained.
Korean customers can scan QR codes to pay at all participating merchants in Indonesia using their regular finance apps, such as the overseas payment menu. The service will gradually expand to additional providers including Shinhan Bank, Woori Bank, Hana Bank, Shinhan Card, KB Kookmin Card, GLN, and Travel Wallet.
The BOK said it also plans to gradually expand the cross-border QR-based payment service beyond Indonesia to other Asian countries, including Vietnam, Thailand, Singapore, and India.
