Indonesia’s central bank, Bank Indonesia, said yesterday 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.
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, 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.
Source: NAM NEWS NETWORK