Indonesia’s Economic Foreign Policy Towards Thailandon Cross-Border Payment
DOI:
https://doi.org/10.15408/jisi.v6i2.44727Keywords:
Thailand, QR Code, Indonesia, Cross-border PaymentAbstract
Abstract. The payment digitalisation in the era of globalization leads to financial integration with the cross-border payment implemented by ASEAN. This implementation is being conducted bilaterally among ASEAN member states, for instance between Indonesia, Malaysia and Thailand. The Memorandum of Understanding (MoU) signed by each central bank since 2022 aims to reduce the US dollar dependency which shows positive and progressive results. This issue is interesting to be studied further as the transaction of rupiah to ringgit is higher compared to baht, but Indonesia conducted the implementation of cross-border payment using QR Code for the first time with Thailand. Furthermore, there is a currency rate conversion between Indonesia and Thailand from each central bank. This article aims to analyze the implementation of Indonesia’s economic foreign policy toward Thailand in the area of cross-border payments, with particular focus on the use of QR codes through QRIS and PromptPay. This article uses qualitative research methods with qualitative and quantitative data usage. Using the foreign economic policy which refers to Hiscox (2014), this article found that Indonesia has been cooperating with Thailand in using QR Code due to the exchange rate agreement between IDR and THB to maintain the stability of the exchange rates of each currency, people movement to travel that showed an increment in QR Code transactions, to perceive the mutual gains and recovery for the tourism and SMEs sectors, and private sector and independent central back involvement within this implementation.
Keywords: Cross-border Payment, Indonesia, QR Code, Thailand.
Abstrak. Digitalisasi pembayaran pada era globalisasi mengarahkan pada integrasi keuangan dengan mekanisme cross-border payment yang diterapkan oleh ASEAN. Penerapan mekanisme ini masih dilakukan secara bilateral antarnegara anggota ASEAN yang salah satunya dilakukan oleh Indonesia, Malaysia, dan Thailand. Memorandum of Understanding (MoU) ditandatangani oleh masing-masing bank sentral sejak tahun 2022 ditujukan agar mengurangi ketergantungan dengan dolar AS yang menunjukkan hasil yang positif dan progresif dalam mekanisme ini. Hal ini menarik untuk diteliti karena transaksi rupiah terhadap ringgit lebih besar dibandingkan baht, tetapi Indonesia melakukan implementasi cross-border payment dengan penggunaan QR Code pertama kali dengan Thailand. Selain itu, terdapat implementasi konversi nilai tukar antara Indonesia dan Thailand yang ditentukan oleh Bank Indonesia dan Bank of Thailand selaku bank sentral masing-masing negara. Penulisan artikel ini bertujuan untuk menganalisis bagaimana implementasi kebijakan luar negeri ekonomi Indonesia terhadap Thailand dalam cross-border payment, khususnya pada penggunaan QR Code melalui QRIS dan Promptpay. Artikel ini menggunakan metode penelitian kualitatif dengan penggunaan data kualitatif dan kuantitatif. Dengan menggunakan konsep Kebijakan Ekonomi Luar Negeri yang merujuk pada Hiscox (2014), artikel ini menemukan bahwa Indonesia melakukan kerja sama dengan Thailand dalam penggunaan QR Code karena adanya kesepakatan nilai tukar antara IDR dan THB untuk menjaga stabilitas nilai tukar masing-masing mata uang, pergerakan masyarakat untuk berwisata yang menunjukkan peningkatan transaksi QR Code, mencapai keuntungan bersama dan memulihkan sektor pariwisata dan UMKM, serta keterlibatan sektor swasta dan bank sentral independen dalam pengimplementasian hal ini.
Kata Kunci: Cross-border Payment, Indonesia, QR Code, Thailand.
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