Indonesia, Singapore Team on XBorder QR Code Payments

Bank Indonesia and the Monetary Authority of Singapore (MAS) have begun working on a cross-border QR payment method between Indonesia and Singapore, a press release said, part of the ASEAN-wide payments connectivity effort.

The reason behind the partnership is the 1.9 million arrivals in Indonesia from Singapore, and 3.1 million arrivals in Singapore from Indonesia.

The rollout will likely happen in the second half of 2023, and will let users make instant, secure payments through scanning a QRIS (Quick Response Code Indonesian Standard) or NETS QR codes displayed by merchants.

The report said this will let individuals and businesses, including micro, small and medium enterprises (MSMEs), do cross-border trade, eCommerce and financial activities, and it will add to tourism growth and international travel resumes.

Bank Indonesia and MAS signed an agreement to promote the use of local currencies, which is in line with the ASEAN financial integration efforts to help promote more local currency use for trade and investment settlements.

Bank Indonesia governor Perry Warjiyo said cross-border pay was a “priority.”

“This initiative links cross-border payments through the interconnection of national QR codes of payment between two countries, represents another milestone of the Indonesian Payment System Blueprint 2025, and also integrates with the framework to promote the use of local currencies,” he said. “It provides more options for users in cross-border payment transactions and serves as a key to improving transaction efficiency, promoting digital economic and financial inclusion, and strengthening macroeconomic stability by promoting more extensive use of local currencies for bilateral transactions.”

In other news related to MAS, the bank is looking into new measures to try and cut down on speculation in trading crypto, PYMNTS wrote.

Read more: Singapore Moves to Protect Retail Crypto Traders From Themselves

“Many consumers are still enticed by the prospect of sharp price increases in cryptocurrencies. They seem to be irrationally oblivious about the risks of cryptocurrency trading,” Ravi Menon, managing director of the MAS said in a speech at the Green Shoots Seminar on Monday (Aug. 29).