Japan and ASEAN Target 2025 Integration of QR Code Payments

Japan and ASEAN Target 2025 Integration of QR Code Payments

Travelers rejoice! Japan and the Association of Southeast Asian Nations (ASEAN) are set to simplify cross-border payments by integrating QR code payment systems by 2025. This initiative, led by Japan's Ministry of Economy, Trade and Industry (METI), aims to eliminate the hassle of currency exchange for tourists and businesses alike.

METI is actively collaborating with governments and central banks across Southeast Asia to establish a seamless payment infrastructure that connects domestic and international services. This infrastructure, expected to be completed in 2024, will pave the way for a more unified QR code payment experience.

Also read: Cross-Border QR Payment Services between Singapore and Indonesia Begins

Currently, Japan relies heavily on domestic QR code payment options like PayPay and Rakuten Pay. The new system will bridge the gap, allowing users to make payments across various services and platforms throughout the region.

This initiative builds upon a 2022 memorandum of understanding signed by five ASEAN member countries (Singapore, Indonesia, Thailand, Malaysia, and the Philippines) to promote payment integration.

While Japan's non-cash transactions reached a staggering 111 trillion yen (approximately $750 billion) in 2022, QR code adoption remains relatively low at just 2.6% according to METI data.

In contrast, Southeast Asia is embracing digital payments with open arms. A survey by Fidelity National Information Services (FIS) reveals that digital payments, including QR codes, account for a significant portion of total transactions in Indonesia (28%) and Thailand (23%).

Akhyari Hananto

I began my career in the banking industry in 1997, and stayed approx 6 years in it. This industry boost his knowledge about the economic condition in Indonesia, both macro and micro, and how to More understand it. My banking career continued in Yogyakarta when I joined in a program funded by the Asian Development Bank (ADB),as the coordinator for a program aimed to help improve the quality of learning and teaching process in private universities in Yogyakarta. When the earthquake stroke Yogyakarta, I chose to join an international NGO working in the area of ?disaster response and management, which allows me to help rebuild the city, as well as other disaster-stricken area in Indonesia. I went on to become the coordinator for emergency response in the Asia Pacific region. Then I was assigned for 1 year in Cambodia, as a country coordinator mostly to deliver developmental programs (water and sanitation, education, livelihood). In 2009, he continued his career as a protocol and HR officer at the U.S. Consulate General in Surabaya, and two years later I joined the Political and Economic Section until now, where i have to deal with extensive range of people and government officials, as well as private and government institution troughout eastern Indonesia. I am the founder and Editor-in-Chief in Good News From Indonesia (GNFI), a growing and influential social media movement, and was selected as one of The Most Influential Netizen 2011 by The Marketeers magazine. I also wrote a book on "Fundamentals of Disaster Management in 2007"?, "Good News From Indonesia : Beragam Prestasi Anak Bangsa di dunia"? which was luanched in August 2013, and "Indonesia Bersyukur"? which is launched in Sept 2013. In 2014, 3 books were released in which i was one of the writer; "Indonesia Pelangi Dunia"?, "Indonesia The Untold Stories"? and "Growing! Meretas Jalan Kejayaan" I give lectures to students in lectures nationwide, sharing on full range of issues, from economy, to diplomacy Less
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