Malaysia leads Asia QR interoperability at 39%

The Philippines trails the surveyed markets at 7% while the regional average stands at 26%.

QR code payments are becoming more common across Asia as countries link domestic payment systems and digital wallets across borders.

Malaysia has the highest coverage rate for QR codes and wallet interoperability amongst the markets surveyed, at 39%, according to FXC Intelligence’s “The New Era Of Asia’s Cross-Border Payments” report.

Indonesia and Thailand follow at 38% each, whilst Vietnam stands at 33% and Japan at 32%.

China records a 29% coverage rate, ahead of Singapore at 20% and India at 17%. Hong Kong and the Philippines have lower coverage at 8% and 7%, respectively. Across the markets covered, the overall rate is 26%.

The report said several Asian markets have developed national standards that have helped unify fragmented domestic payment systems. 

Cross-border links are also expanding, including initiatives connecting Indonesia and Japan, as well as China and Vietnam.

The shift comes as QR payments move beyond domestic use and become part of cross-border payment networks.

Wider adoption is increasing pressure on banks, digital wallets and payment providers to make their systems work with each other across different markets.

“Interoperability is no longer a ‘nice-to-have’, it is the measure of progress in the cross-border economy and it is the foundation that prevents different payment methods from becoming ‘walled gardens’,” said Chloé Mayenobe, deputy CEO of Thunes

She said payment systems are expected to become more closely linked across traditional banking networks, mobile wallets and digital assets.

The report said mass adoption of QR payments is now common in many Asian markets, with the next stage focused on making them easier to use across multiple countries and payment systems.