Interoperable QR Code Payment Ecosystem in ASEAN - Hero

Interoperable QR Code Payment Ecosystem in ASEAN: What It Means for the World

Yulius Yulius Davids Tjhin Yohanes Lukiman Pandu Sjahrir Yang Yu Verra Wijaya

The QR code payment industry has seen a surge in adoption across Southeast Asia, driven by factors like growing smartphone penetration, growth of fintech e-wallets, change in user behavior due to the pandemic, and government policy and support, to name a few.

Against this backdrop, numerous bilateral cross-border QR code payment linkages are being launched, giving rise to an ASEAN interoperable QR code payment ecosystem – a first of its kind globally. Our joint report with the ASEAN Business Advisory Council (BAC) dives into the benefits of such an ecosystem for consumers, merchants, e-wallets and banks, and the ASEAN region. It also examines the policies and commitments made by ASEAN member states and regulators, which offer a valuable case study for other regions and economic blocs seeking to achieve financial integration and cooperation through digital payment initiatives.

BCG is the Knowledge Partner of the Digital Working Group of the ASEAN BAC 2023 under the Indonesia Chairmanship. This report forms the foundation of the Digital Working Group’s legacy project on ASEAN interoperable QR Code Payment Ecosystem.