The scheme is aimed to support cross-border economic activities in the goal of implementing an inclusive financial ecosystem around the region.
ASEAN nations are working together on a cross-border payments system that's hoped to deepen financial inclusivity around the region
Indonesian President Joko Widodo makes a speech during the Association of Southeast Asian Nations Foreign Minister's Meeting in Jakarta, Indonesia on July 14, 2023.A new regional cross-border payment system recently implemented by Southeast Asian nations could deepen financial integration among participants, bringing the ASEAN bloc closer to its goal of economic cohesion.
Analysts say retail industries will particularly benefit amid an expected rise in consumer spending, which could in turn strengthen tourism. A unified cross-border digital payment system will "foster a sense of regionalism and ASEAN-centrality in managing international affairs," he added. "This move becomes even more crucial in light of escalating tensions among major global powers."By connecting QR code payment systems, funds can be sent from one digital wallet to another.
"In other regions like Europe, retail payment connection via credit and debit cards is more popular while China is well-known for advanced QR code payment, but they are not connected like the ASEAN QR codes," he continued.QR payments don't impose fees on cardholders and merchants. They also boast of better conversion rates than those set by private payment processors like Visa or American Express.
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