Indonesia and India plan QRIS-UPI payment link for easier transactions

Jakarta (ANTARA) - Indian Prime Minister Narendra Modi welcomed plans to integrate India's UPI payment system with Indonesia's QRIS payment system.

Modi said the integration would strengthen people-to-people ties and boost economic transactions between Indonesia and India.

At the Merdeka Palace in Jakarta on Tuesday, PM Modi and President Prabowo Subianto announced plans to integrate the two countries' payment systems during a joint press conference as part of PM Modi's state visit today.

"One of the greatest strengths of our relationship is people-to-people ties. We are very pleased to announce the plan that India's digital payment system, UPI, will be integrated with Indonesia's payment system. This will make transactions easier for businesses and people in both countries," said Modi.

President Prabowo, in his joint press conference with PM Modi, explained that the integration of the two countries' payment systems is expected to strengthen the resilience of the two countries' financial sectors and facilitate cross-border transactions, particularly between India and Indonesia.

Once implemented, Indonesia's Quick Response Code Indonesian Standard (QRIS) can be used for transactions in India, while India's Unified Payments Interface (UPI) QR codes can be used in Indonesia.

"To strengthen cooperation in the financial sector, we welcome the progress of discussions on a QR-based cross-border payment linkage system between Indonesia and India," said Prabowo.

Prabowo said the system is expected to improve transaction efficiency while strengthening financial sector resilience.

The integration of the two countries' payment systems was among the key issues discussed in the bilateral meeting between President Prabowo and PM Modi at the Merdeka Palace today.

In the same meeting, the two countries also discussed accelerating negotiations on the Indonesia–India Preferential Trade Agreement (PTA) and reviewing the ASEAN-India Trade in Goods Agreement (AITIGA).

Beyond the financial and trade sectors, the two countries also discussed cooperation in the energy, research, innovation, education, and health sectors.

"Amid the current global situation, we are also encouraging cooperation on energy security, including the development of solar power projects, technology exchange, and capacity building in nuclear technology," said President Prabowo.

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Translator: Arie Novarina

Editor: M Razi Rahman

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