Following a model established by China’s payments apps, South Korea plans to launch a QR code-centric payments service in Indonesia.
The Korea Financial Telecommunications & Clearings Institute (KFTC), a division of the Bank of Korea, is leading the initiative, with the broader goal of establishing a network that connects Korean financial services companies with overseas organizations.
However, Indonesia already has its own QR payments system—Quick Response Code Indonesian Standard (QRIS)—which was launched in 2019 and has since become firmly entrenched. The system processed 2.6 billion transactions in Q1 2025.
The platform has been so successful that Bank Indonesia recently announced its expansion, as QRIS is now compatible with existing payment systems in Singapore, Malaysia, and Thailand. The country has also planned future collaborations with Japan, India, China, Saudi Arabia, and South Korea.
Moving Beyond Borders
For its part, the KFTC already envisions its system moving beyond Indonesia. The institute plans to expand its network into Vietnam and is considering extending the system beyond Asia through a potential partnership with the National Bank of Georgia.
Both South Korea’s and Indonesia’s payment systems are following the model established by Chinese payment apps Alipay and WeChat. After achieving dominance in China, they began expanding globally. For example, Alipay has initiated partnerships with brands in Europe, Latin America, and the Middle East.
Following in the Footsteps
QR code-based systems have gained substantial traction in countries like China, where mobile phones are ubiquitous and card payments never fully took hold. This helps explain why real-time payments systems—QR-based or otherwise—have struggled to gain widespread adoption in the U.S., aside from a few specific use cases.
However, these systems do offer significant benefits for merchants. According to Tech Asia, QR code devices cost significantly less than traditional point-of-sale terminals that utilize NFC technology.
The lower costs reduce barriers to accepting digital payments, especially for small businesses. They also help address one of merchants’ chief complaints about the card-centric model: interchange fees.
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