Jakarta, April 1 -- Bank Indonesia (BI) and Bank of Korea officially launched a cross-border QR code-based payment system between the two countries on Wednesday, making Indonesia's QR Code Indonesian Standard (QRIS) usable in the South Korean market.

BI Governor Perry Warjiyo said the system allows residents of both countries to make payments without exchanging currency, ensuring more efficient and lower-cost transactions.

"The cross-border QR code payment system not only facilitates trade but also strengthens MSMEs and tourism, opens new business opportunities, and promotes inclusive and sustainable economic growth," Warjiyo said in a written statement received here.

The system was jointly launched by Warjiyo and Bank of Korea Senior ...