The ASEAN Integrated QR Code Payment System is a 2023 initiative by

ASEAN The Association of Southeast Asian Nations, commonly abbreviated as ASEAN, is a regional grouping of 10 states in Southeast Asia "that aims to promote economic and security cooperation among its ten members." Together, its member states r ...

for an integrated

QR code payment A QR code payment is a mobile payment method where payment is performed by scanning a QR code from a mobile app. This is an alternative to doing electronic funds transfer at point of sale using a payment terminal. This avoids a lot of the infra ...

systems. It was part of ASEAN's Local Currency Transaction (LCT) Framework. The initiative was aimed at using local currencies and reduced dependence on certain currencies, particularly the

US dollar The United States dollar (symbol: $; currency code: USD) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it int ...

, in cross-border transaction among ASEAN countries.

History

At the 10th joint meeting of the ASEAN

Finance Minister A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position . A ministry of finance's portfoli ...

s and Central Bank Governors, held in Jakarta Indonesia on the 25 August 2023, the group committed to integrating each countries QR Payment systems as part of the Financial Integration and Liberalisation agenda. As of 2024, the following QR Payment systems were or would soon be in the integrated payment system.

References

{{reflist Payment systems Contactless payments Mobile payments