Indonesia, Singapore to fully connect payment systems next year

JAKARTA — Indonesia’s central bank, Bank Indonesia, said Tuesday that the country would see its payment system to be fully connected to Singapore’s starting 2023 through its Intercountry Quick Response Indonesia Standard (QRIS) code.

Xinhua reported the connection facilitates users in doing retail payments instantly, safely and efficiently by scanning Indonesia’s QRIS or Singapore’s QR NETS displayed by merchants.

“With the integrated payment systems between the two countries, the people in Indonesia can use their digital payment systems when doing financial transactions in Singapore and vice versa,” head of Bank Indonesia’s Payment System Policy Department, Filianingsih Hendarta, told reporters.

Hendarta said that the QR code payment connectivity would empower individuals and businesses, particularly small and medium-sized enterprises to efficiently conduct cross-border trade, e-commerce, and other financial activities, and would support the growth of the tourism sector.

Indonesia’s Intercountry QRIS code was launched on Monday.

Bank Indonesia Governor Perry Warjiyo said that the move to push for digitalisation of cross-border payments was a priority agenda of the G20 presidency this year, and it is a part of efforts to overcome potential obstacles in cross-border payment activities and support post-pandemic economic growth.  —BERNAMA