Finance:ASEAN Integrated QR Code Payment System

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Short description: Regional cardless payment system


The ASEAN Integrated QR Code Payment System is a 2023 initiative by ASEAN for an integrated QR code payment systems. It was part of ASEAN's Local Currency Transaction (LCT) Framework. The initiative was aimed at using local currencies and reduced dependence on certain currencies, particularly the US dollar, in cross-border transaction among ASEAN countries.[1][2]

History

At the 10th joint meeting of the ASEAN Finance Ministers and Central Bank Governors, held in Jakarta, Indonesia, on 25 August 2023, the group committed to integrating each country's QR payment systems as part of the Financial Integration and Liberalisation agenda.

As of 2024, the following QR payment systems were or would soon be included in the integrated payment system:

Country QR Code Payment System Authority/Owner National QR Integration Launch Date Cross-Border QR Linkage Launch Date Notes
 Malaysia DuitNow QR

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PayNet and Bank Negara Malaysia 2018
  • Thailand (2021)[3]
  • Singapore (2023)[4]
  • Indonesia (2023)[5]
  • Cambodia (2024)[6]
 DuitNow allows all participating banks and e-wallets in Malaysia to use the same QR Code for transactions. It is launched by PayNet under the Bank Negara Malaysia's Interoperable Credit Transfer Framework (ICTF). Some of the banks and e-wallets that support this payment system are Maybank, Hong Leong Bank, CIMB, HSBC, Touch 'n Go eWallet, GrabPay, Setel, ShopeePay, OCBC, UOB, ICBC, and more.[7]
 Cambodia KHQR

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Soramitsu and National Bank of Cambodia 2020
  • Thailand (2020)[8]
  • Laos (2023)[9]
  • Vietnam (2023)[10]
  • Malaysia (2024)[6]
 KHQR is Cambodia national QR payment standard part of Bakong System launched in 26 June 2020. KHQR is developed by National Bank of Cambodia and Soramitsu (Japanese-Swiss fintech company).[11][12]
 Laos LAO QR

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Bank of the Lao PDR 2020
  • Cambodia (2023)[9]
  • Thailand (2024)[13]
  • Vietnam (2025)[14]
 LAO QR is a unified QR payment system in Laos. The Bank of the Lao PDR held an official launch on 29 January 2020, with the presence of BOL Governor, Mr. Sonexay Sithphaxay, senior officials from the Bank of Lao PDR, representatives from relevant ministries, and commercial banks financial institutions, Fintech, WB Group, and Union Pay.[15]
 Myanmar MMQR (MyanmarPay)

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Central Bank of Myanmar 2025 - MyanmarPay (MMQR) is a unified QR code payment system in Myanmar. MMQR ensures seamless interoperability across banks, mobile wallets, and payment platforms. MyanmarPay owned and regulated by the Central Bank of Myanmar and operated by PayPlus Co., Ltd.[16][17][18]
 Philippines QR Ph (National QR Code Standard)

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PPMI and Bangko Sentral ng Pilipinas 2019 - QR Ph is the QR code standard in the Philippines, approved by the Philippines Payment Management, inc. (PPMI) in accordance with circular 1055 of the Bangko Sentral ng Pilipinas. The system is based on the Europay-Mastercard-VISA (EMV) standard, allowing one QR Code to serve transactions from different banks and e-wallets.[19]
 Indonesia QRIS (Quick Response Code Indonesian Standard)

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Bank Indonesia 2019
  • Thailand (2022)[8]
  • Malaysia (2023)[5]
  • Singapore (2023)[20]
 QRIS combines all the separate QR codes from different payment services into a single QR code that merchants can use to receive payments from any e-wallets or banks that support QRIS. All payment services in Indonesia are required to support QRIS, including GoPay, OVO, Dana, LinkAja, ShopeePay, BCA, BNI, BRI, Mandiri, BSI, Bank Muamalat, Bank Mega, Allo Bank, Bank Danamon, Permata Bank, CIMB Niaga, SeaBank, MNC Bank, etc.[21]
 Singapore SGQR+ (NETS QR)

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MAS and IMDA 2018
  • Thailand (2021)[22]
  • Malaysia (2023)[4]
  • Indonesia (2023)[20]
 SGQR combines multiple QR codes used by multiple payment services in Singapore, including DBS Bank, PayNow and NETS, into one QR code.[23] This scheme is co-owned by MAS and IMDA.[24] SGQR+ is the successor of SGQR, it supports interoperability and cross-border function.[25][26]
 Thailand Thai QR Payment (PromptPay QR)

Bank of Thailand 2017
  • Cambodia (2020)[8]
  • Vietnam (2021)[8]
  • Malaysia (2021)[3]
  • Singapore (2021)[22]
  • Indonesia (2022)[8]
  • Laos (2024)[13]
 Thai QR Payment (PromptPay) integrates QR payment systems in Thailand. It was launched by the Bank of Thailand.[27]
 Vietnam VietQR

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NAPAS 2021 VietQR is the national QR code payment standard for Vietnam, launched as a collaborative effort by the National Payment Corporation of Vietnam (NAPAS) in partnership with several major banks, including Vietcombank, BIDV, VietinBank, and Agribank. VietQR aims to streamline digital transactions across various financial platforms by using a unified QR code format that supports interoperability among different banks and e-wallets.[28]

References

  1. ↑ "Joint Statement of the 10th ASEAN Finance Ministers' and Central Bank Governors' Meeting (AFMGM)". Jakarta, Indonesia. August 25, 2023. https://asean.org/wp-content/uploads/2023/08/Joint-Statement-of-the-10th-AFMGM-Final.pdf. 
  2. ↑ "ASEAN to Increase Local Currency Transactions, Reduce USD Reliance". 12 May 2023. https://www.aseanbriefing.com/news/asean-to-increase-local-currency-transactions-reducing-reliance-on-the-us-dollar/. 
  3. ↑ 3.0 3.1 "Launch of the Cross-Border QR Payment Linkage between Malaysia and Thailand". Central Bank of Malaysia. June 18, 2021. https://www.bnm.gov.my/-/cross-border-qr-payment-linkage-between-malaysia-and-thailand. 
  4. ↑ 4.0 4.1 "Launch of Cross-border QR Code Payments Connectivity between Singapore and Malaysia" (in en). https://www.mas.gov.sg/news/media-releases/2023/launch-of-cross-border-qr-code-payments-connectivity-between-singapore-and-malaysia. 
  5. ↑ 5.0 5.1 "Belanja di Malaysia Sudah Bisa Pakai QRIS dan Kurs Langsung Terkonversi Secara Otomatis". https://qris.interactive.co.id/homepage/qris-news-detail?page=37-belanja-di-malaysia-sudah-bisa-pakai-qris-dan-kurs-langsung-terkonversi-secara-otomatis. 
  6. ↑ 6.0 6.1 "Malaysia and Cambodia Launch Cross-Border QR Payments Connectivity". September 19, 2024. https://www.bnm.gov.my/-/khqr-pr. 
  7. ↑ "DuitNow QR | Customer". https://www.duitnow.my/QR/index.html. 
  8. ↑ 8.0 8.1 8.2 8.3 8.4 8.5 "Cross-Border Payment" (in en). https://www.bot.or.th/en/financial-innovation/digital-finance/digital-payment/cross-border-payment.html. 
  9. ↑ 9.0 9.1 "Officially Launches Cross-Border Payment via QR Code in Laos". https://www.acledabank.com.kh/kh/eng/md_ln20230818. 
  10. ↑ 10.0 10.1 Sereyrath, Sok (2023-12-04). "Cambodia, Vietnam Launch Cross Border QR Code Payment System" (in en-US). https://www.cpp.org.kh/en/details/363227. 
  11. ↑ "បាគង | Bakong – The Next-Generation Mobile Payments". https://bakong.nbc.gov.kh/en/. 
  12. ↑ "Acleda rolls out KHQR payments - Cambodia News Watch" (in en-US). 2021-10-25. https://www.cambodianewswatch.org/acleda-rolls-out-khqr-payments/. 
  13. ↑ 13.0 13.1 "Joint Press Release Launch of the Cross-border QR Payment Linkage between Thailand and the Lao PDR" (in en). https://www.bot.or.th/en/news-and-media/news/news-20240403.html. 
  14. ↑ 14.0 14.1 Vietnam+ (VietnamPlus) (2025-01-11). "Vietnam, Laos launch cross-border QR code payment connectivity" (in vi). https://en.vietnamplus.vn/vietnam-laos-launch-cross-border-qr-code-payment-connectivity-post308142.vnp. 
  15. ↑ https://www.bol.gov.la/en/fileupload/02-04-2020_1585800369.pdf [bare URL PDF]
  16. ↑ "MyanmarPay". https://myanmarpay.com.mm/en. 
  17. ↑ "MMQR payment: MMQR of merchant acquiring service launched | Myanmar International TV" (in en). https://www.myanmaritv.com/news/mmqr-payment-mmqr-merchant-acquiring-service-launched. 
  18. ↑ "ThaibizMyanmar.com : เมียนมาเปิดตัวมาตรฐาน QR ระดับประเทศ Myanmar QR (MMQR) สำหรับการทำธุรกรรมทางการเงิน" (in en). https://www.thaibizmyanmar.com/en/articles/detail.php?ID=3751. 
  19. ↑ https://www.bsp.gov.ph/Media_and_Research/Primers%20Faqs/QR_Ph_P2P_FAQs.pdf [bare URL PDF]
  20. ↑ 20.0 20.1 Rachman, Arrijal. "QRIS Resmi Berlaku di Singapura, Ini Cara Pakainya!" (in id). https://www.cnbcindonesia.com/market/20231120081026-17-490275/qris-resmi-berlaku-di-singapura-ini-cara-pakainya. 
  21. ↑ "Informasi Keanggotaan" (in en-US). https://aspi-indonesia.or.id/info-anggota/informasi-keanggotaan. 
  22. ↑ 22.0 22.1 "Singapore and Thailand Launch World's First Linkage of Real-time Payment Systems" (in en). https://www.mas.gov.sg/news/media-releases/2021/singapore-and-thailand-launch-worlds-first-linkage-of-real-time-payment-systems. 
  23. ↑ "Singapore Introduces World's First Unified Payment QR Code – SGQR" (in en). https://www.mas.gov.sg/news/media-releases/2018/singapore-introduces-worlds-first-unified-payment-qr-code. 
  24. ↑ "Singapore Quick Response Code (SGQR)" (in en). https://www.mas.gov.sg/development/e-payments/sgqr. 
  25. ↑ "NETS upgrades SGQR+ payment method, new QR code to complete islandwide rollout" (in en). https://www.hardwarezone.com.sg/tech-news-nets-sgqr-plus-upgrade-more-merchants-hawkers-payment-methods-acceptance-points-singapore-rollout. 
  26. ↑ Singapore, Fintech News (2024-11-07). "Here are Key Details on NETS' Islandwide Rollout of SGQR+" (in en-US). https://fintechnews.sg/103376/singapore-fintech-festival-2024/nets-rollout-sgqr/. 
  27. ↑ "PromptPay" (in en). https://www.bot.or.th/en/financial-innovation/digital-finance/digital-payment/promptpay.html. 
  28. ↑ "VietQR-Portal" (in vi). https://vietqr.net/. 



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