QR Cross: Border in Increasing Financial Integration in ASEAN
Endyastuti Pravitasari, Virgo Simamora and Indah Novitasari
Department of Business Administration, Faculty of Economics Business and Social Sciences,
Universitas 17 Agustus 1945 Jakarta, Indonesia
Keywords: Cross Border Qr, Financial Integration, NVivo.
Abstract: QRIS Cross border is a cross-border payment solution using QR Code as a payment method. The use of
QRIS Cross border is strengthened by "ASEAN-led Cross-Border Payment Connectivity, from ASEAN
to Global as an economic pathway which aims to strengthen and improve cross-border payment
connectivity in the region and encourage economic recovery, in line with the global attention of the G20.
The aim of this research is to find out Benefits of using QRIS Cross Border? And what are the factors
that support the success of QRIS Cross Border? In this research, the qualitative method and type of
Systematic Literature Review (SLR) requires a regional payment system with cross-border and multi-
currency capabilities to support regional growth with the ability cross-border and multi-currency to
support the growth of economic activity in the ASEAN region. By emphasizing opportunities for
regional payment system convergence in South Asia, which can speed up settlements, reduce transaction
costs, and expand facilities. Overall, it shows that the implementation of the ASEAN cross-border
payment system can improve trade facilities and economic integration in the region. Factors supporting
the success of ASEAN cross-border payments. Found that the existence of GDP and the real exchange
rate has an impact on e-commerce trade across countries in the ASEAN region. that it is important to
develop market infrastructure and create incentives for investors to encourage cross-border investment
in the ASEAN region. The overall factors show that the implementation of the ASEAN cross-border
payment system can improve trade facilities and economic integration in the ASEAN region.
1
INTRODUCTION
The increasingly rapid digitalization of financial
transactions has enabled faster and more precise
payment systems. Because of this, QR Codes have
become very popular all over the world. Their
convenience and speed for simpler digital payments,
QR Code Indonesia has released by Indonesia QRIS
the national standard for QR code money payments.
With international standards, namely cross-border or
known as Cross Border QR overseas payment
system.
Cross Border QR is a digital payment system that
speeds up cross-border transactions in the ASEAN
region. Cross border QR is a cross-border payment
solution using QR Code as a payment method
(Lingkungan et al., n.d.). The use of Cross border QR
is strengthened by "ASEAN-led Cross-Border
Payment Connectivity, from ASEAN to Global as a
pathway economy which aims to strengthen and
improve cross-border payment connectivity in the
region and encourage economic recovery, in line with
the global attention of the G20 (Haryono, 2023). With
Cross Border QR, transactions no longer need to
exchange currency if you want to shop in the country
you are visiting by scanning a QR code. The QR
code-based cooperative payment system is a concrete
manifestation of the implementation of the G20
(Roadmap for Enhancing Cross-border Payments)
(Indonesia, 2023) QRIS often provides various
attractive benefits, such as exclusive offers,
discounts, or cashbacks that push consumers to
make more purchases to get additional benefits.
This is confirmed also by (Salim & Fermayani, 2021)
influence consumers to make impluse purchases
(Pravitasari & Fauziyah, 2023).
When customers or the public feel comfortable
with a service, they will try to buy again. People enjoy
the convenience of shopping via digital platforms and
enjoy safe, easy and fast payment features such as QR
code. The use of financial technology that provides
additional benefits such as discounts and cashback
also increases customer satisfaction. This is supported
364
Pravitasari, E., Simamora, V. and Novitasari, I.
QR Cross: Border in Increasing Financial Integration in ASEAN.
DOI: 10.5220/0012582300003821
Paper published under CC license (CC BY-NC-ND 4.0)
In Proceedings of the 4th International Seminar and Call for Paper (ISCP UTA ’45 JAKARTA 2023), pages 364-369
ISBN: 978-989-758-691-0; ISSN: 2828-853X
Proceedings Copyright © 2024 by SCITEPRESS Science and Technology Publications, Lda.
by (Astria & Wadiniwaty, 2021) who states that
perceived convenience influences repeat purchases in
e-commerce. (Pravitasari & Fauziyah, 2023)
Cross Border QR is the brainchild of Bank
Indonesia and the Indonesian Payment System
Association (ASPI). The International Standard EMV
Co (European Master Card Visa) is used to
standardize the basis for preparing the QR code. This
standard is to support interconnection and
interperability between providers, between
instruments and between countries so that it can be
open source (Carera et al., 2022). With a commitment
to the payment system industry towards QR code
strategic development of cross-border transactions,
which has started with the implementation of Cross-
Border QR for Thailand on 19 August 2022 (Haryono
et al., 2023).
According to Tigor M. Siahaan, Deputy General
Chairman of PERBANAS, cooperation and
innovation will be very important to build a stronger
and more efficient payment system in ASEAN. By
supporting the integration of payment systems in
ASEAN through fast payment system connectors, and
will continue to work together with stakeholders or
MSME companies to ensure that payment systems
such as real-time transfers and QR codes can be
accessed by all ASEAN communities thereby
improving the ASEAN economy (Haryono et al.,
2023). Erwin Haryono in a press release stated that
Cross – Border QR which was founded by Indonesia
allows ASEAN member countries to work together to
integrate their digital currencies. This payment
system has the potential to place ASEAN at the
forefront globally in efficient digital MSME payment
connectivity for economic stability (Haryono, 2023).
The use of Cross Border QR in ASEAN has great
potential. The potential for Indonesia's digital
economy is very large and the momentum of
Indonesia's Chairmanship in ASEAN in 2023 makes
the digital economy a main topic. This is supported
by ASEAN's economic potential which is estimated
to increase to US$ 330 billion in (2025) and then
increase to US$ 1 trillion in (2030), with a third of it
coming from Indonesia. This figure will even
increase with the Framework for Digital Economic
Agreements (DEFA) (Kementerian Koordinator
Bidang Perekonomian Republik Indonesia, 2023).
The growing development of financial integration
in the international world has created large amounts
of cross-border capital flows between developed and
developing countries. As foreign financial institutions
grow throughout the world and bind international
financial markets.
ASEAN or The Association of Southeast Asian
Nations is a regional organization in a global region
with the majority of developing countries
implementing financial integration within the region.
In the planning of ASEAN financial integration talks
since the first ASEAN Finance Minister and Central
Bank Governors Meeting or AFMGM in Kuala
Lumpur, Malaysia in March (2015) and the second
meeting held in Jakarta, Indonesia in August (2023)
these discussions will realize work efforts
Collaboration between the Indonesian Ministry of
Finance and Bank Indonesia in maintaining economic
stability in the ASEAN region fosters a sense of trust
and encourages regional economic integration
cooperation to strengthen the financial system and
ASEAN economic vulnerability (Sentral et al., 2023).
Source: https://databoks.katadata.co.id/
Figure 1: ASEAN Digital Economy by sector (2025).
According to e-Conomy SEA themed report (Blog
& Sea, 2002) it shows that the digital economy in
Southeast Asia will be achieved by the e-commerce
sector which is targeted to reach US$ 330 billion in
2025. With an estimated GMV value of US$211
billion, or 6.93% of the total value of the ASEAN
digital economy. In addition, the digital economy
sector adds online travel ticket booking services or
booking temporary accommodation during tourist
trips to places you want to visit, estimated to
contribute a GMV value of $44 billion (1.33%), food
delivery orders of $39 billion (11.81%) and online
media at $36 billion (10.9%) (Network, 2023)
The QR code payment system is a follow-up to the
commitment of 5 ASEAN countries to collaborate on
cross-border transaction systems or cross-border
payments. These countries are Indonesia, Thailand,
Malaysia, Singapore and the Philippines. With the
interconnection cooperation agreement, this
0
100
200
300
400
E- Commerce
Online Travel
Online transport / food
Online media
Total
123 4
Digital Economy in the ASEAN
Region
Value / US$ Billion
QR Cross: Border in Increasing Financial Integration in ASEAN
365
transaction system will be officially implemented at
the G20 leaders meeting in November (2022). With
this, people visiting the Land of the White Elephant
or Thailand can make transaction payments by
scanning the QR code. At the end of the year (2022),
Bank Indonesia (BI) recorded QR codes transactions
of Indonesians in Thailand reaching 14,555 times or
around IDR 8.54 billion or the reverse of QR
transactions of Thai people in Indonesia were only
492 times or around IDR 114 million (Mesra, 2022).
Source: https://www.cnbcindonesia.com
Figure 2: Cross Border QR Transactions in Indonesia and
Thailand.
Based on the data above, it appears that there is a
very imbalance in transactions in Indonesia and
Thailand. There are several things where the influence
of Thai tourists in Indonesia has decreased or there are
still minimal transactions using QRIS merchant
MSME transactions by tourists in Indonesia. The post-
revocation of PPKM will encourage community
movement and QR transactions at several MSME
merchants (Mesra, 2022).
Source: https://www.rri.go.id/keuangan/
Figure 3: Number of Cross Border QR MSME Merchants
in ASEAN Region.
Based on June (2023), the number of MSME
merchant transactions using QR codes has reached
26.7 million or 91.4%, while the number of
transactions using QR codes in (2022) has reached
1.03 billion or growing 86% on an annual basis (Bank
Indonesia, 2023).
1.1 Formulation of the Problem
Based on the following background, the research
questions outlined are:
1. What are the benefits of using Cross Border QR?
2. What are the factors that support the success of
Cross Border QR?
2
LITERATUR REVIEW
2.1 Cross Border QR
Cross Border QR is a QR code-based cross-border
payment system that can be used for cross-border
transactions and does not exchange currency when
shopping in the country visited (Wahyudi et al., n.d.).
According to Sunarto in (Santhika Parwitasari, 2022)
QR codes are products that have three advantages,
namely price differences, an effective system, and the
ability to accommodate hundreds of MSME
merchants in one QR code to carry out payment
transactions.
2.2 Financial Integration
According to Yu (2013) in (Cahyanti, 2017)
financial integration helps the state obtain more
resources efficiently and increases the income
received by the state and with minimal risk of a
stronger market framework. (Cahyanti, 2017) states
that financial integration has a strong policy for
measuring financial stability which is used as an
overall indicator. There are several factors for
financial market integration in ASEAN, namely the
lack of liquidity in small financial markets, which
causes investors to prefer major financial markets in
developed countries. Strict policies on some cross-
border financial transactions also hinder financial
integration throughout ASEAN (Rillo, 2018). Price
indicators and volume indicators, with price
indicators used to measure integration in financial
markets in relation to movements in financial asset
returns. Meanwhile, volume indicators show
increased financial integration. Cross border asset
holdings of countries in ASEAN grew by 27% to
(US$14.5) trillion in 2015, from (US$11.4) trillion in
0 500
Number of
Transactions
(Times)
Transaction
Amount (Rupiah
Million)
Cross Border QR transactions in
Indonesia and Thailand
Thai people in Indonesia
Indonesian people in Thailand
0
10
20
30
Number of
MSMEs
Number of Cross
Border QR
Merchants
Number of Cross Border QR MSME
Merchants in the ASEAN Region
ISCP UTA ’45 JAKARTA 2023 - THE INTERNATIONAL SEMINAR AND CALL FOR PAPER (ISCP) UTA ’45 JAKARTA
366
2010. Most of these assets were bank claims (US$4.1
trillion) followed by portfolio debt assets (US$3.5
trillion), foreign direct investment stock (US$3.6
trillion) and portfolio equity assets (US$3.2 trillion).
Increasing the share of intra-regional cross-border
assets over the years, which shows gradual financial
integration, some asset ownership in the ASEAN
region. Cross-border liabilities of countries in the
ASEAN region increased by 31% to (US$15.1
trillion) in 2015. There was a gradual increase in the
intra-regional portion of total cross-border liabilities
which shows an increase in the level of regional
financial integration. With financial relations in the
ASEAN region in terms of obligations with other
countries in the world, it is stronger than in the region
(Rillo, 2018)
3
METHODS
The definition of qualitative methods is scientific
research that aims to understand a phenomenon and
solve problems (Penelitian & Pengertian, 2023). This
research is a type of Systematic Literature Review
(SLR). The SLR method is a research method used to
identify, analyze, evaluate and interpret all previous
research results that the researcher obtained (Kamus
Besar Bahasa Indonesia, 1994) The aim of using the
systematic literature review (SLR) method is to find
strategies that will help overcome the problems faced
as well as identify perspectives that are different from
the problem being researched and show relevant
theories in the research. study. In carrying out the
SLR method the author needs secondary data in the
form of videos, press release documents and website
news (Iii & Penelitian, 2015). The author uses the
NVIVO 12 plus application to analyze a problem
formulation question. In carrying out the SLR method
the author needs secondary data in the form of
journals, videos, press release documents and website
news (Iii & Penelitian, 2015). The author uses the
NVIVO 12 plus application to analyze a problem
formulation. This software was chosen because it is
able to produce coding visualization images and how
to use the software is very user friendly (Tambun et
al., 2023)
Figure 4: Visualization of Coding Results.
4
RESULTS AND DISCUSSION
Based on the problem formulation question, the
researcher explains Cross Border QR.
4.1 Benefits of Cross Border QR
These papers collectively show that there are
potential benefits from using ASEAN cross-border
payment systems. Cross Border QR payment linkage
between Indonesia and Thailand will promote faster,
cheaper, more transparant, and more inclusive cross
border payments, particularly for the benefits of
micro, small, and medium enterprises (Launch &
Linkage, 2023). (Khiaonarong, 2013) highlights the
need for a regional payment system with cross-border
and multi-currency capabilities to support the growth
of economic activity in the ASEAN region.
According to (Goyal, 2015) emphasizes the
opportunity for convergence of regional payment
systems in South Asia, which can speed up
settlement, reduce transaction costs, and expand
facilities. (Bank, 2008) discusses the importance of
addressing time and document requirements for
ASEAN cross-border transactions, as reforms in this
area could significantly improve trade. Kiseleva
(2012) focuses on the need to develop market
infrastructure and create incentives to support cross-
border investment in ASEAN+3 countries. Overall,
these papers show that the implementation of the
ASEAN cross-border payment system can increase
trade facilitation and economic integration in the
region.
4.2 Factors That Support Cross Border
QR
Factors that support the success of ASEAN cross-
QR Cross: Border in Increasing Financial Integration in ASEAN
367
border payments. The implementation of the QR
Cross Border system among ASEAN countries has a
positive impact in strengthening economic integration
in the region. with the ease of cross border payments,
Cross Border QR trading will become more efficient,
transparent and easy. This will encourage sustainable
economic growth and increase the competitiveness of
ASEAN countries in the era of the global digital
economy (Alexander, 2023). (Khiaonarong, 2013)
highlights the need for a regional paymenst system
with cross-border and multi-currency capabilities to
facilitate economic activities. (He & Wang, 2019)
found that GDP and real money exchange rates have
an impact on cross-border e-commerce trade in
ASEAN countries. (Hsia et al., 2015) identified
variables such as GDP, trade costs, financial
development indicators, and real money exchange
rates as influential factors in determining cross-
border mergers and acquisitions in ASEAN countries.
Kiseleva (2012) emphasized the importance of
developing market infrastructure and creating
incentives for investors to stimulate cross-border
investment in the ASEAN+3 region. Overall, this
paper shows that factors such as regional payment
systems, economic growth, money exchange rates,
and financial development play an important role in
supporting success ASEAN cross-border payments.
5
CONCLUSION
This research is a qualitative study that aims to
describe the benefits and factors that support the
successful use of QR Cross Border payments in the
ASEAN region. QR Cross-Border (QR CB) has
emerged as a powerful tool for driving financial
integration within the ASEAN region. Its managerial
implication across various sectors are significant.
First, The use QR CB increased efficiency and
convenience for customers with simplified
transactions, faster settlement, reduced costs, and
enhanced customer experience. Second, The use of
QR CB boosted trade and investment. It eliminates
barriers, QR CB removes friction from cross-border
transactions, expands market reach for businesses
which can access a wider customer base and explore
new opportunities across the region. Promotes
regional economic integration to a more integrated
ASEAN economic space, facilitating collaboration
and economic growth. Third, for greater financial
inclusion, it promotes digital financial services,
empowers MSMEs. Small businesses can benefit
from increased access to digital payments, improving
their financial inclusion and competitiveness, and
contributes to financial stability.
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