Bank Indonesia (BI) has announced the launch of the QRIS payment system, enabling Indonesian citizens to easily conduct financial transactions in South Korea. This new system allows users to pay in the local currencies of both Indonesia and South Korea, contributing to cost reduction and increased transaction efficiency.
This announcement was made during an official ceremony held in the Indonesian capital, Jakarta, where a cooperation agreement was signed between Bank Indonesia and the Bank of South Korea. The Governor of Bank Indonesia, Perry Warjiyo, emphasized that this step is not just about facilitating transactions but also supports small and medium-sized enterprises, enhances tourism, and opens new business horizons, thereby supporting sustainable and inclusive economic growth.
Details of the Event
The QRIS payment system was launched between Indonesia and South Korea on April 1, with the ceremony attended by several officials from both countries. A Joint Vision Statement was signed between Indonesian President Joko Widodo and South Korean President Yoon Suk-yeol, reflecting the commitment of both nations to enhance economic and financial cooperation.
During the ceremony, Perry Warjiyo noted that this system represents an important step towards achieving a shared vision of building an integrated and efficient payment system, which contributes to enhancing digital economic connectivity between the two countries. The Deputy Governor of the Bank of South Korea, Song Dae-ryo, expressed optimism regarding this cooperation, indicating that it reflects the depth of relations between Indonesia and South Korea.
Background & Context
Indonesia and South Korea are among the countries striving to enhance economic cooperation, with Indonesia representing a promising market for many Korean companies. Since 2022, economic relations between the two countries have developed significantly, with an increase in trade and investment volumes.
It is noteworthy that the QRIS system was launched in Indonesia as part of the government's efforts to promote digital transformation in the financial sector. The system has achieved considerable success, with approximately 60.77 million users reported as of February 2026.
Impact & Consequences
The QRIS system is expected to contribute to increasing trade volume between Indonesia and South Korea, enabling Indonesian tourists to pay easily during their visits to Korea, thereby enhancing their travel experience. Additionally, this system will help attract more Korean tourists to Indonesia, benefiting the Indonesian economy.
Moreover, this collaboration between the two central banks reflects the global trend towards enhancing digital payment systems, which improves the efficiency of financial transactions and reduces reliance on cash.
Regional Significance
This step serves as a model for Arab countries seeking to enhance economic and trade cooperation among themselves. Arab nations can benefit from experiences like this to strengthen digital payment systems, facilitating trade and tourism between Arab states.
In conclusion, the launch of the QRIS payment system between Indonesia and South Korea represents an important step towards enhancing economic cooperation between nations and reflects the significance of digital transformation in improving the efficiency of financial transactions.