TheJakartaPost
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Customers of a dozen banks in Singapore and Indonesia will now be able to make payments to merchants in both countries by scanning QR codes, Bank Indonesia and the Monetary Authority of Singapore (MAS) said in a joint statement.
China's two leading mobile payment providers, WeChat Pay and Alipay, now allow foreign visitors to link their credit cards to access the ubiquitous payment methods at local retailers, meaning one headache less for travelers to the country.
Small businesses expressed objections to the Quick Response Code Indonesian Standard (QRIS) transaction fee of 0.3 percent, saying that it was a burden on the back of all other administrative costs they have to pay.
The Bali administration has warned foreign tourists visiting the popular resort island against making cryptocurrency payments, with the governor, I Wayan Koster, saying the practice is illegal in Indonesia and violators can face one year in prison or fines.
BNPL is on course to contribute 12 percent of all e-commerce sales in APAC by 2023, with a projected BNPL net revenue of up to $1.5 billion in Southeast Asia that same year. Capitalizing on this expected growth will require a strategy that reflects the local landscape as well as rapidly evolving market conditions.
Payment platform Durianpay has received US$2 million in funding led by Sequoia Capital India’s accelerator program, Surge. Founded less than a year ago, the company aims to cash in on Indonesia's growing e-commerce market.
