Malaysia leads Asia in QR code payment interoperability

Malaysia leads Asian markets in QR code and digital wallet interoperability with a coverage rate of 39%, according to a report by FXC Intelligence titled ‘The New Era Of Asia’s Cross-Border Payments’. Indonesia and Thailand follow closely at 38% each, while Vietnam (33%), Japan (32%), and China (29%) also show significant integration.

The regional average for interoperability stands at 26%. In contrast, markets such as Singapore (20%), India (17%), Hong Kong (8%), and the Philippines (7%) report lower rates. The report notes that the development of national standards has helped unify fragmented domestic payment systems, facilitating cross-border links such as those between Indonesia and Japan, and China and Vietnam.

As QR payments transition from domestic use to cross-border networks, there is increasing pressure on banks and digital wallet providers to ensure system compatibility. Chloé Mayenobe, deputy CEO of Thunes, stated that interoperability is a ‘measure of progress in the cross-border economy’ and serves as a foundation to prevent payment methods from becoming ‘walled gardens’.