Bank Indonesia (BI) is taking the subsequent steps to implement the QR code-based payment cooperation that was previously initiated with the Monetary Authority of Singapore in 2022. Yesterday, August 17, BI launched the trial phase of the QR code-based payment cooperation between Indonesia and Singapore. The aim of this trial is to facilitate and speed up cross-border payment transactions using QR codes.
BI Governor Perry Warjiyo stated that this trial is a continuation of the successful implementation of comparable trials with Thailand and Malaysia. This was said in the course of the launch of the newest QRIS (Indonesian Quick Response Standard) feature at BI headquarters.
This move has huge potential to enhance cross-border trade between Indonesia and Singapore. The Micro, Small and Medium Enterprises (MSME) sector particularly is anticipated to learn significantly from this QR code payment connectivity. Moreover, this move is anticipated to spice up the expansion of the tourism sector.
The implementation of this test will involve cooperation between the Indonesian Association of Payment Systems (ASPI), the Network of Electronic Transfers – Singapore (NETS) and representatives of payment system service providers. Through this collaboration, QR code-based payment technology is anticipated to further promote economic connectivity and cooperation between Indonesia and Singapore, while opening latest opportunities for economic growth and business sectors in each countries.
Previously, Indonesia used QR code payments for Thailand and Malaysia. Perry explained that with QRIS (Indonesian Quick Response Code Standard), Thai people visiting Indonesia and Malaysians traveling to Indonesia can easily make payments via QR code. This success prompted an identical move in Singapore. He said crucial discussions and preparations had been made and the choice had been taken to launch a trial interconnection with Singapore.
Speaking at one other event, Dicky Kartikoyono, director of payments system policy at BI, expressed hope that the study would offer latest mobility opportunities for Singaporeans to areas comparable to Batam and Bintan in Riau and Bali. Moreover, the study can also be expected to facilitate financial transactions for Indonesians traveling to Singapore.
Dicky emphasized that digital transactions via QR codes have benefits by way of speed and efficiency. Transaction data is accessed and processed quickly, ensuring smoother transaction execution. Through these efforts, BI strengthens its position in facilitating regional financial connections and expanding cross-border transaction opportunities for people and businesses in Southeast Asia.
