No Need to Exchange Foreign Currency: Indonesians Can Now Transact in South Korea Using QRIS
JAKARTA, KOMPAS.com – Bank Indonesia and the Bank of Korea have officially launched cross-border QR payment connectivity between Indonesia and South Korea. This initiative allows Indonesians to transact in South Korea using QRIS through domestic applications without needing to exchange foreign currency.
Transactions are conducted directly in the local currencies of both countries, making them more efficient and low-cost. The launch forms part of the Joint Vision Statement (JVS) between Prabowo Subianto and Lee Jae Myung, signed in South Korea on 1 April 2026.
The official opening was conducted simultaneously in Indonesia and South Korea by Bank Indonesia Governor Perry Warjiyo and Senior Deputy Governor of the Bank of Korea Sangdai Ryoo, marking the official activation of QR payments between the two countries.
“The connectivity of cross-border QR payments not only facilitates transactions but also strengthens SMEs, boosts tourism, and opens new opportunities for businesses, thereby supporting inclusive and sustainable economic growth,” said Perry in a written statement on Wednesday (1/4/2026).
In agreement, Deputy Governor of the Bank of Korea Chang Cheong-soo described this cooperation as a significant milestone in the relations between the two countries, particularly in the digital economy sector.
“Going forward, we are committed to continuing to promote more strategic collaboration to strengthen payment system integration and support closer digital economic connectivity between Korea and Indonesia,” he stated.
The launch in Jakarta took place at the Bank Indonesia office and was attended by BI Deputy Governor Filianingsih Hendarta and representatives from the Embassy of South Korea. Meanwhile, in Seoul, the ceremony was held at the Bank of Korea with the presence of BI Deputy Governor Aida S. Budiman.
The successful implementation of this initiative is the result of synergy among various parties, including the Indonesian Payment System Association (ASPI) and the Korea Financial Telecommunications & Clearings Institute (KFTC), as well as financial institutions in both countries. Bank Indonesia and the Bank of Korea have ensured that this cross-border payment system is secure, reliable, and efficient.
Since its launch, QRIS has become the main driver of Indonesia’s digital payment transformation, with the number of users reaching 60.77 million as of February 2026. The use of cross-border QRIS has also continued to increase, with transactions by foreign tourists in Indonesia (inbound) higher than those by Indonesians abroad (outbound).
In 2025, inbound transactions were recorded at 5,892,621, surpassing outbound transactions which reached 1,681,112, demonstrating a positive impact on the domestic economy.
Previous cross-border QRIS cooperation has also shown positive trends. With Thailand since 2022, there have been 1.64 million transactions worth Rp 656.27 billion; with Malaysia since 2023, 10.66 million transactions worth Rp 2.75 trillion; with Singapore, 554,510 transactions worth Rp 179.28 billion; and with Japan since 2025, 5,088 transactions worth Rp 428.80 million.