Global Payments in Southeast Asia

[Suba]

Since 2023, five ASEAN countries: Malaysia, Thailand, the Philippines, Singapore, and Indonesia, have agreed to implement cross-border payments using QR codes, either through mobile banking or e-wallets. This allows retailers, tourists, and individuals to access lower costs, faster payments, and eliminate the need for currency conversion, using only Local Currency Settlement (LCS).

So, if I'm on vacation in Boracay Island, Philippines, I no longer need PHP currency, as I can pay directly using IDR currency, either through a mobile banking QR code or e-wallet. The same applies if I visit other ASEAN member countries. Merchants or online store owners also don't need to worry about managing complicated payment systems if they have buyers residing in ASEAN countries.

 

[Augusta]

That's a good one as it makes it easy to visit these countries without having to think about spending money as it would very easy to buy and even sell in them.