The adoption of Indonesia’s Quick Response Code Indonesia Standard (QRIS) by tourists from Singapore, Thailand, and Malaysia is rapidly increasing, showcasing the system’s expanding international reach and convenience.
Bank Indonesia highlights significant growth in the use of QRIS among tourists, particularly those from Singapore, Malaysia, and Thailand, pointing to a broader acceptance of the digital payment system outside traditional banking.
Deputy Governor of Bank Indonesia, Filianingsih Hendarta, noted a notable rise in QRIS transactions, with tourists from Thailand showing a 13% month-to-month increase, while usage by Singaporean tourists grew by 28%.
Bank Indonesia is set to introduce QRIS in South Korea, Japan, the UAE, and India, expanding its international footprint and enhancing cross-border commerce.
Despite its growing popularity, QRIS usage experienced a 12% decline in Singapore, indicating varying levels of acceptance and operational challenges in different markets.
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QRIS’s growth is strategically significant for Indonesia’s digital economy, facilitating easier and more secure transactions for tourists, which boosts local economies.
Bank Indonesia plans further expansions and upgrades to QRIS to ensure it remains competitive and meets the evolving needs of international users.
The growing adoption of QRIS in Indonesia offers a more convenient and secure way to handle transactions while abroad, reinforcing the ASEAN region’s commitment to digital integration and economic cooperation.
QRIS, Indonesia’s standardized QR code payment system, is seeing increased adoption among tourists from Singapore, Thailand, and Malaysia, with plans for further expansion into other Asian markets. This surge underscores the system’s ease of use and the growing trend towards digital financial solutions globally.
Sources: CNBC Indonesia, Uang Pedia (2024)
