Tokyo, Japan, Monday, March 25, 2024- Japan has embarked on talks with Southeast Asian nations to establish a joint QR code payment system by fiscal year 2025 (starting April 2025).1
The initiative aims to streamline cashless transactions for travelers and businesses between regions.
The project seeks to achieve compatibility between existing QR code systems, allowing users to make cashless payments across participating countries without currency exchange.
Japan’s Ministry of Economy, Trade and Industry (METI) has already initiated discussions with governments and central banks in Southeast Asian countries like Indonesia and Cambodia.
To facilitate this connection, the Payments Japan Association, responsible for Japan’s standardized QR code system (JPQR), plans to develop a new system by year-end for integration with overseas service providers.
JPQR allows users to pay through various providers using a single JPQR code displayed at stores, which is then scanned with a smartphone for payment.
Several Southeast Asian nations already have their own standardized QR code systems. Thailand’s system, for instance, is overseen by the central bank and operated by a consortium of major banks. Similarly, Indonesia has a central bank-regulated system with mandatory compliance rules for payment service providers.
Five ASEAN members – Singapore, Indonesia, Thailand, Malaysia, and the Philippines – signed a memorandum of understanding in 2022 to unify their QR code payment systems. This has already resulted in the joint use of QR code payments in some participating countries.
- asia.nikkei.com: https://asia.nikkei.com/Business/Retail/Japan-ASEAN-to-launch-joint-QR-code-payment-services-in-FY2025[↩]
