The collaboration between Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) has facilitated the implementation of the QRIS interconnection, enabling Indonesian users to conveniently use QRIS for retail payments in Singapore.
The recent implementation of QRIS interconnection between Indonesia and Singapore marks a significant step in digital payment collaboration, providing ease of retail transactions for users from both countries.
Bank Indonesia and MAS’s initiative has led to the successful interconnection of QRIS, allowing for seamless cross-border retail payments between Indonesia and Singapore.
With a recorded 157.43% year-on-year growth in QRIS transactions, reaching Rp24.90 trillion, BI aims to increase QRIS usage to 55 million users and 2.5 billion transactions by 2024.
To use QRIS in Singapore, Indonesian users need to follow simple steps: open the payment app, scan the Singapore QR code, enter the amount in Singapore dollars, confirm the amount in Rupiah, enter the pin, and complete the transaction.
Compatible Indonesian payment apps include BCA, BRI, BSI, Bank Permata, CIMB Niaga, Bank Sinarmas, Bank Mega, Bank BPD Bali, DANA, and Netzme; Singaporean apps include UOB and OCBC.
Read More: QRIS ASEAN Payment Integration Boosts Economic Growth and Tourism
The interconnection is expected to expand market access for micro and small businesses in both countries and benefit tourists with the resurgence of post-pandemic tourism.
This QRIS interconnection between Indonesia and Singapore not only simplifies cross-border transactions for users but also opens new market avenues for businesses and boosts the tourism sector in both countries.
The QRIS interconnection between Indonesia and Singapore, a collaboration between BI and MAS, has enabled Indonesian users to utilize QRIS for retail payments in Singapore. This initiative, showing substantial growth in QRIS transactions, aims to increase user engagement and support businesses and tourism in both nations.
Source: Finansial Bisnis (2023)
