Bank Indonesia (BI) is taking further steps to implement the QR Code-based payment cooperation, which was previously initiated with the Monetary Authority of Singapore in 2022. Yesterday, on August 17, BI started the trial phase of payment cooperation between Indonesia and Singapore using QR Code. This trial aims to facilitate and accelerate cross-border payment transactions using QR codes.
BI Governor Perry Warjiyo stated that this trial is a continuation of the successful implementation of similar trials with Thailand and Malaysia. This was said at the launch of the latest QRIS (Quick Response Code Indonesian Standard) feature at the BI headquarters.
This move has great potential to streamline cross-border trade between Indonesia and Singapore. In particular, the Micro, Small and Medium Enterprises (MSME) sector is expected to benefit significantly from this QR code payment connectivity. In addition, this move is also expected to stimulate the growth of the tourism sector.
The implementation of this trial will involve collaboration between the Indonesian Payment System Association (ASPI), Network for Electronic Transfers - Singapore (NETS), and representatives from payment system service providers. Through this collaboration, it is expected that QR Code-based payment technology will further promote connectivity and economic cooperation between Indonesia and Singapore, while opening up new opportunities for economic growth and business sectors in both countries.
Previously, Indonesia has applied the use of QR code payments with Thailand and Malaysia. Perry explained that through QRIS (Quick Response Code Indonesian Standard), people from Thailand visiting Indonesia and Malaysians traveling to Indonesia can easily make payments using QR code. This success prompted a similar move with Singapore. He said the necessary discussions and preparations have been made and the decision has been made to start the interconnection trial with Singapore.
Speaking at another event, Dicky Kartikoyono, Head of Payment System Policies at BI, expressed his hope that the trial would provide new opportunities for the mobility of Singaporeans to areas like Batam and Bintan in Riau and Bali. In addition, the trial is also expected to bring convenience to financial transactions for Indonesians traveling to Singapore.
Dicky emphasized that digital transactions through QR codes have advantages in terms of speed and efficiency. Transaction data can be accessed and processed quickly, resulting in a smoother transaction experience. Through these efforts, BI is strengthening its position in facilitating regional financial connectivity and expanding cross-border transaction opportunities for people and businesses in Southeast Asia.
