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RI, Singapore debut linked cross-border QR payment system
Bank Indonesia (BI) has launched a trial to connect its QR-based payment system to Singapore's. At the same time, it expanded QRIS to include transfer, withdrawal and deposit capabilities.
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From left to right: Ronadol Numnonda, Deputy Governor Bank of Thailand; Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), Bank Indonesia Governor Perry Warjiyo; Nor Shamsiah Mohd Yunus, Governor of the Central Bank of Malaysia; and Mamerto E. Tangonan, Deputy Governor of The Bangko Sentral ng Pilipinas sit during the signing of A Memorandum of Understanding (MOU) on Cooperation in Regional Payment Connectivity (RPC). (Bank Indonesia/PR Team)
Bank Indonesia (BI) has launched a trial to connect its QR-based payment system to Singapore’s.
The move follows BI’s agreement with the Singapore Monetary Authority last year to establish a cross-border payment network between the two countries.
Indonesia implemented a similar plan with Thailand in August of last year, followed by Malaysia this May.
The idea is to allow users from either country to use the QR code standard, managed by BI, for payments in either country, thereby doing away with the need to exchange money or carry a credit card.
Indonesia plans to expand its future use of Quick Response Indonesia Standard (QRIS) for regional cooperation with other ASEAN countries.
Read also: Defying the dollar: ASEAN pushes for greater local currency use
According to Indonesian Payment System Association (ASPI) chairman Santoso Liem on Thursday, QR payment services have seen an enthusiastic response from users in ASEAN countries.
