VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

VOINews, Jakarta - Chair of the ASEAN Business Advisory Council (ASEAN-BAC), Arsjad Rasjid, has said that he is hoping to expand the quick response (QR) code digital payment service not only within ASEAN, but also to Indo-Pacific countries.

Speaking at a discussion during the commemoration of ASEAN's 56th anniversary in Jakarta on Tuesday, Rasjid said that QR code transactions are one of ASEAN-BAC's priorities in the field of digital transformation.

"ASEAN-BAC works to promote cross-border digital payments that aim to link payments and (strengthen) micro, small, and medium enterprises (MSMEs) across ASEAN. We wish to expand this (system) to more Indo-Pacific countries," he informed.

At the 42nd ASEAN Summit in Labuan Bajo, East Nusa Tenggara, in May 2023, ASEAN leaders adopted a declaration on advancing regional payment connectivity and promoting local currency transactions within ASEAN countries.

ASEAN leaders emphasized the role of faster, cheaper, safer, more transparent, and more inclusive cross-border payment systems and services for providing broader benefits to support regional economic growth and the digital economy.

They also acknowledged the potential benefits of local currency usage in strengthening financial resilience, deepening regional financial integration by improving intra-ASEAN trade and investment, and bolstering regional value chains.

Earlier in May, Rasjid, who is also serving as chairperson of the Indonesian Chamber of Commerce and Industry (Kadin), said that the QR code digital payment service is targeted to be implemented in ASEAN countries by September 2023.

A cross-border QR payment linkage has so far been implemented between Indonesia and Thailand, as well as Singapore.

The system allows consumers to use their mobile applications to scan QR codes for products and services fromcountries who participated.

In addition to advancing payment connectivity, ASEAN-BAC is also committed to supporting the realization of the ASEAN Outlook on Indo-Pacific through greater business partnership and people-to-people as well as business-to-business connectivity. (Antaranews)