Indonesia Expat
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Bank Indonesia Expands QRIS to Singapore and Eyes Broader Asian Implementation

Bank Indonesia Expands QRIS to Singapore and Eyes Broader Asian Implementation
Bank Indonesia Expands QRIS to Singapore and Eyes Broader Asian Implementation. Image Source: bca.co.id

Bank Indonesia will expand the use of the Quick Response Code Indonesian Standard (QRIS) to Singapore, starting on 17th November.

Singapore will join the list of countries that can use QRIS, as Malaysia and Thailand have already implemented this payment system.

QRIS is a Payment System Service Provider that utilises a QR Code. This system was developed by the payment systems industry in collaboration with Bank Indonesia, aiming to make the transaction process using QR Codes easier, faster, and more secure.

The implementation of QRIS between countries on 17th November will not only be expanded to Malaysia and Thailand but also to Singapore,said Bank Indonesia Governor Perry Warjiyo at a press conference of the Financial System Stability Committee at the Bank Indonesia office in Jakarta on Friday, the 3rd of November 2023.

On that occasion, Bank Indonesia Deputy Governor Filianingsih Hendarta said that the implementation of QRIS in Malaysia and Thailand continues to grow, both for inbound and outbound transactions.

“Inbound” refers to tourists coming to Indonesia, while “outbound” refers to Indonesians in those countries.

“This mainly occurs in tourist destinations and business areas, such as in Jakarta, Bali, East Java, and West Java. Malaysian tourists also come to shop, and they are already using QRIS,” she said.

Hendarta mentioned that, in the future, the implementation of QRIS will be extended to other Asian countries, including India, Japan, China, and South Korea.

“If you visit one of those countries, simply scan the QR code. The crucial thing is to have a balance on your mobile phone,” she said.

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