Hanoi, Feb. 5 -- The Bank of Korea (BOK) announced on February 4 that the Republic of Korea (RoK) and Indonesia will roll out a cross-border QR code-based payment system from April, aiming to facilitate cashless payments and travel between the two countries, according to Yonhap News Agency.

Under the plan, the cross-border QR payment service will be made available at retail outlets in both countries after their central banks jointly established a local currency transaction (LCT) framework, based on a memorandum of understanding (MoU) signed in July 2024. In a statement, the BOK said the system is expected to reduce foreign exchange and transaction fee burdens, thereby facilitating bilateral exchanges and cooperation across a wide range o...