Home Blog ASEAN’s Plans to Implement an Online Payment Gateway Accounting | Finance | Indonesia ASEAN’s Plans to Implement an Online Payment Gateway InCorp Editorial Team 23 June 2025 4 minutes reading time Table of Contents The Future of the ASEAN Economy The Challenge in Implementing the Cross-Border Online Payment Gateway QRIS, or the Quick Response Code Indonesian Standard, is the standardization of payments using a QR Code, which is facilitated by Bank Indonesia. The move behind it is making monetary transactions much easier, faster, and safer. Initially launched in 2019, the online payment gateway encourages MSMEs to develop their online businesses by increasing the ease of transactions at a lower cost per transaction. As of 2022, QRIS is now available for international transactions. With the implementation of QRIS Cross-Border as a collaborative initiative between countries, they are building a standardized settlement infrastructure for cross-border trade, allowing consumers to make payments overseas simply by scanning a QR code without having to opt for foreign exchange. The Future of the ASEAN Economy ASEAN countries have all adopted the cross-border interoperability standard QR code for their online payment gateway. Through the implementation of a cross-border QR online payment gateway, the transaction will be more integrated, and there will be more excellent connectivity among the ASEAN member countries. This is done with the hopes of achieving real-time cross-border payment by 2025. An integrated online payment platform will allow for interoperability between different domestic systems and is critical to streamlining processes. Aside from this, it will also ensure a greater degree of transparency and security in making transactions. The digital transformation of the financial industry in Asia is expected to accelerate the integration of the different systems that exist in the region. The Red Book statistics reveal that there has been a significant rise in the adoption and usage of online payment gateway as consumers are gradually shifting from physical payment instruments to digital ones. Aside from the government and central banks, the private sector also plays an integral role in welcoming the new technology norm. As the private and public sectors continue to collaborate, there are numerous goals for payment integration. The Benefits for Indonesia Talks about cross-border payment systems made their way to the G20 discussions, where world leaders discussed the payment system in the digital era. The benefits of implementing such a payment system are primarily the notable reduction in the costs such that transactions are much cheaper. Performances are also expected to be faster with greater transparency. Indonesia is eager to implement the cross-border payment system. With this technology, customers can enjoy real-time transfers through increased efficiency. Three Indonesian are committed to joining this initiative: PT Bank Rakyat Indonesia Tbk (BRI), PT Bank Negara Indonesia Tbk (BNI), and Bank Sinarmas. This shift will also greatly benefit MSME actors as they can now market their products to various countries efficiently. A direct implication is the possibility of enjoying increased revenue from more sales. Aside from this, there will also be an increase in the competitiveness of local products. This is because competing in international markets would require MSMEs to improve the quality of their products and compete with other actors to secure maximum sales. This would positively impact the national economy as local MSMEs grow larger and gain more traction. The Challenge in Implementing the Cross-Border Online Payment Gateway Although there are many benefits to be reaped by this shift, challenges may arise when trying to implement a cross-border online payment gateway. These obstacles are mainly regarding costs that may incur during the implementation. The infrastructure to support such a shift needs to be fully ready. A significant amount of monetary resources is required to prepare the such infrastructure. Aside from this issue, collaborating with different countries also has to account for the time differences between the regions. Other countries may not immediately receive payments made during working hours as the recipient’s country may already be beyond working hours, and the banking system must have already closed for the day. Transparency is also a tricky issue considering the safety and security of the consumers that involve more than one country. The regulations also differ, thereby making it challenging. The last factor that is a concern for many is accessibility, which can be limited due to the low number of digitally literate people. Socialization and training may have to be provided to ensure proper usage and rollout of this technology. Otherwise, the transition would be futile, and collaborating countries would reap no benefits. InCorp Indonesia (an Ascentium Company) is a consulting firm that seeks to provide services for market-entry and corporate firms that allow clients to focus on their primary business activity without worrying about the administrative and legal aspects. Companies seeking to participate in this transition and benefit from cheaper transactions may consult InCorp Indonesia (an Ascentium Company) concerning company registration. We also provide services on accounting matters that would effectively allow businesses to be more focused on achieving their goals. 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