China and Indonesia launch cross-border QR payments
Updated
Updated · South China Morning Post · May 4
China and Indonesia launch cross-border QR payments
12 articles · Updated · South China Morning Post · May 4
Consumers can now use apps including Alipay and Indonesia's QRIS to make retail payments in either country in their home currencies.
The scheme is expected to cut transaction costs and currency risk while supporting Beijing's push to internationalise the yuan and deepen financial links with ASEAN partners.
China has already enabled similar wallet payments in Thailand, Vietnam, Malaysia and Singapore, and analysts expect more such arrangements with ASEAN members this year.
When Chinese and Indonesian payment apps link, who ultimately controls the massive flow of cross-border financial data?
Is China's expanding payment network in Asia the first real challenge to the US dollar's regional dominance?
Indonesia-China Cross-Border QR Payments Surpass 1.6 Million Transactions, Pioneering Direct IDR-CNY Settlement
Overview
On April 30, 2026, Bank Indonesia launched a cross-border QR payment system linking Indonesia's QRIS with China's major platforms, enabling instant, cashless payments settled directly in local currencies (IDR and CNY) without using the US dollar. This innovative system reduces costs, mitigates exchange rate risks, and simplifies transactions for tourists, businesses, and SMEs. Supported by successful trials and robust infrastructure, it serves as a catalyst for deeper ASEAN-China financial integration and aligns with regional digital initiatives. With plans to expand to eight countries by the end of 2026, this system marks a strategic step toward enhancing economic resilience and digital sovereignty in Southeast Asia.