Indonesia and India have agreed to accelerate discussions on implementing a cross-border quick response (QR) code payment system as both countries seek to strengthen financial cooperation and facilitate digital transactions.
The cross-border QR payment system between Indonesia and India is set to become operational by the end of 2026.
The initiative was announced during Indian Prime Minister Narendra Modi’s official visit to Jakarta, where he held bilateral talks with Indonesian President Prabowo Subianto at the Merdeka Palace on Tuesday (7 July).
Speaking during a joint press statement, President Prabowo welcomed the progress made in discussions on the Cross-border QR Payment Linkage between the two countries, describing it as an important step in expanding bilateral financial cooperation.
“This system is expected to increase transaction efficiency while strengthening the resilience of the financial sector,” said President Prabowo.
The proposed payment linkage would allow users in both countries to make retail payments by scanning QR codes across borders, reducing reliance on cash and improving convenience for businesses and travellers.
Economic Cooperation Extends Beyond Digital Payments
The cross-border payment initiative forms part of wider efforts to strengthen economic relations between Indonesia and India, which President Prabowo described as one of the main pillars of the bilateral partnership.
Alongside digital financial cooperation, both governments agreed to intensify discussions on the Indonesia-India Preferential Trade Agreement (PTA). They also committed to reviewing possible improvements to the ASEAN-India Trade in Goods Agreement (AITIGA) to enhance trade between ASEAN member states and India.
According to President Prabowo, strengthening economic cooperation has become increasingly important amid ongoing global uncertainties.
The two leaders also discussed expanding cooperation in the energy sector, particularly in renewable energy and technology exchange.
“Amid the current global situation, we are also encouraging strengthened cooperation in energy security, including the development of solar power plant projects, as well as the exchange of technology and capacity in nuclear technology,” said Prabowo.
Beyond trade and energy, Indonesia and India reaffirmed their commitment to closer collaboration in health, education, culture and political affairs.
During the bilateral meeting, President Prabowo and Prime Minister Modi also witnessed the signing and announcement of 16 cooperation documents and memoranda of understanding between government agencies and private sector entities from both countries.
The agreements cover a broad range of sectors, including defence, agriculture, telecommunications, healthcare, education and space exploration, reflecting the growing scope of Indonesia-India cooperation.
QRIS Expansion Continues
The discussions with India also support Bank Indonesia’s broader strategy to expand the use of the Quick Response Code Indonesian Standard (QRIS) internationally.
Bank Indonesia has previously stated that it aims to make QRIS available in eight partner countries. The payment system has already been developed with Malaysia, Singapore, Thailand and Japan, while future expansion targets include China, South Korea, India and Saudi Arabia.
If an agreement with India is finalised, Indonesians travelling or conducting business in one of the world’s largest economies could eventually use QRIS for cross-border transactions, while Indian users would benefit from greater payment interoperability when visiting Indonesia.
The initiative is expected to support digital economic integration between the two countries while providing a more seamless payment experience for consumers and businesses operating across borders.
