Korea is set to introduce a QR code payment service in Indonesia

This initiative aims to promote advanced digital financial services in Asia and operates under the guidance of the Bank of Korea (BOK). The Korea Financial Telecommunications & Clearings Institute (KFTC) is tasked with ensuring efficient financial transactions across the pertinent sectors.

KFTC pushes cashless payment expansion with 2025 QR code launch

KFTC representatives announced that Indonesia will be one of the first Asian partner for a QR code payment system, which is expected to launch in 2025. This initiative aims to increase KTC's reputation and highlight Korea's financial system across Asia.

The QR code payment service is an important component of the KFTC's larger objective to create an interconnected network among Korean financial service providers, including fintech companies and international payment institutions. Specifically, the institute aims to establish this network without relying on credit cards, allowing both corporate and retail customers to reduce their expenses.

Officials from the KFTC have stated that the global payment market is increasingly witnessing direct connections among all parties involved, particularly through mobile payments. In this context, QR code payments and cardless ATMs are becoming more popular. Collaboration with member countries of the Asia Payment Network will be key for expanding these services.

Vietnam is set to be the next country to implement a QR code payment system, following Indonesia. Additionally, the KFTC aims to extend its collaboration beyond Asia, as highlighted by a memorandum of understanding signed with the National Bank of Georgia. This agreement was formalised during the 2024 ADB meeting held in Georgia. Starting in June 2025, the KFTC will provide policy consulting through the Bank of Korea's knowledge exchange program to promote cashless payment methods in Georgia.