ASEAN Cross-Border QR Payment Network Hits Record $716 Million

ASEAN’s cross-border QR payment network has quietly hit a massive milestone: $716 million in volume across 36 million transactions.

If you’ve traveled in the region recently, you’ve probably noticed it. Consumers can now use their home banking apps to scan a DuitNow code in Malaysia, a PromptPay code in Thailand, a QRIS code in Indonesia, or NETS in Singapore.

Why This Matters

This interconnected network is much more than just tourist convenience:

• Instant Settlement for SMEs: Local small and medium-sized enterprises (SMEs) can receive payments instantly, bypassing the high merchant discount rates (MDR) and fees associated with foreign credit cards and roaming networks.
• Transparent FX Rates: Transactions bypass the US dollar entirely by utilizing Local Currency Settlement (LCS) frameworks, which offer real-time and highly transparent exchange rates.
• Financial Inclusion: It represents a monumental leap for regional financial inclusion, allowing unbanked or underbanked micro-businesses to participate in the broader ASEAN economy seamlessly.

The infrastructure is already expanding beyond ASEAN to include linkages with China, Japan, and South Korea. The dream of a truly borderless Asian digital economy is happening right now, built firmly on the foundation of QR codes.