Seoul, South Korea – May 23, 2025
The Korea Financial Telecommunications and Clearings Institute (KFTC) has officially announced plans to introduce QR code–based payment services in Indonesia as part of a broader initiative to expand South Korea’s advanced digital financial infrastructure across Asia.
According to a recent KFTC statement, the initiative is being developed under the supervision of the Bank of Korea (BOK) and aims to facilitate cashless transactions, enhance financial inclusion, and improve cross-border payment efficiency within the region.
“Indonesia will be one of our first partners in Southeast Asia to adopt this new QR code–based payment network,” a KFTC official stated, emphasizing the move as a strategic effort to promote interoperability between financial service providers in Asia.
A Step Toward Regional Integration in Digital Finance
The QR code system—scheduled for official rollout in 2025—is designed to connect banks, fintech startups, and international payment institutions within an interoperable and cardless network. It is part of KFTC’s larger ambition to reduce transaction costs for businesses and consumers, and promote real-time payment services without relying on traditional credit card networks.
Furthermore, this initiative opens significant opportunities for global digital payment tools such as virtual cards. For example, Buvei’s virtual-card service supports Visa and Mastercard networks and can be directly linked to Apple Pay or Google Pay in Indonesia, Vietnam, and other Asian markets, enabling users to complete transactions without a physical bank card. Such flexible, secure payment methods are an integral part of the “cardless economy” that the Korean financial authorities are promoting, and they reflect the broader trend toward global fintech integration.
“We are witnessing an acceleration in direct, mobile-based financial connections globally,” the KFTC spokesperson added. “Working with partners across Asia will be essential to expanding the reach of these next-generation payment systems.”
Indonesia First, Vietnam Next
Following the Indonesia pilot, Vietnam has been named the next country in line to implement South Korea’s QR code payment solution. This phased approach is part of a larger roadmap for building a pan-Asian digital payment network, where South Korea serves as a central technical and policy advisor.
In addition to its regional expansion, KFTC has recently signed a Memorandum of Understanding (MoU) with the National Bank of Georgia during the 2024 Asian Development Bank (ADB) Annual Meeting. The agreement paves the way for South Korea to provide policy consulting and technological support in rolling out cashless payment systems in non-Asian markets as well.
As part of this global outreach, the Bank of Korea’s Knowledge Sharing Program will begin offering policy consultations to Georgia starting in June 2025, further strengthening South Korea’s influence in digital finance governance.
About KFTC
The Korea Financial Telecommunications and Clearings Institute (KFTC) is a key infrastructure body under the guidance of the Bank of Korea. It manages interbank settlements, ATM networks, and digital payment frameworks to ensure the secure and efficient operation of Korea’s financial system.
For more details on KFTC’s international expansion strategy and digital finance initiatives, visit the official website
