As part of the ASEAN-wide payments connectivity effort, Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) have announced the commencement of work on a cross-border QR payment linkage between Indonesia and Singapore. This linkage, which is scheduled to go live in the second half of 2023, will enable users to make instant, secure, and efficient retail payments by scanning the QRIS (Quick Response Code Indonesian Standard) or NETS QR codes displayed by merchants.
This payment connectivity between Indonesia and Singapore will empower individuals and businesses, particularly micro, small and medium enterprises (MSMEs), to conduct their cross-border trade, e-commerce, and financial activities more efficiently. This QR code linkage is made possible with the collaboration amongst the Indonesian Payment System Association (ASPI), RAJA (Rintis, Artajasa, Jalin, and Alto), and NETS. BI and MAS also signed a MOU to promote the use of local currencies in bilateral transactions.
Ravi Menon, Managing Director, MAS, said, “The QRIS-NETS QR code payments connectivity is a milestone in ASEAN’s goal to establish regional payments integration by 2025 and support the vibrant cross-border trade corridors within the region. This linkage also aligns with the G20’s efforts to address existing frictions in global cross-border payments and support post-pandemic economic recovery and growth.”
