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QRIS Transactions in Singapore Grow 261% a Month After Launch

Author: Dian Kencana
January 18, 2024
QRIS Transactions in Singapore Grow 261% a Month After Launch
QRIS implemented in Singapore, Malaysia, and Thailand since November 2023. Photo: istock

SEAToday.com, Jakarta-Indonesian cross-border payment system using the Quick Response Code Indonesian Standard or QRIS which is currently implemented in Thailand, Malaysia, and Singapore, continues to show positive performances.

Bank Indonesia reported on Wednesday (1/17) that the transactions using QRIS in 2023 rose by 130 percent and reached 229.96 trillion rupiahs, with 45.78 million users and 30.41 merchants.

And one of the contributors is the cross-border QRIS payment between Indonesia and Singapore, which was implemented by Bank Indonesia and the monetary authority of Singapore, on November 17th, 2023. In Singapore, transactions using QRIS have grown more than doubled since its launch.

Indonesian cross-border payment system using QRIS which is currently implemented in Thailand, Malaysia, and Singapore. One month after its implementation, the transaction was growing more than doubled. While the nominal was grown more than tripled, mostly by tourists.

Filianingsih Hendarta, Bank Indonesia Deputy Governor said, “For Singapore, this is very interesting because if we look at the inbound volume, month to month, we just launched this, right? Month to month the growth is already 261%, while in nominal terms, the growth is up to 342%, meaning there are also lots of tourists. Singaporeans who come to Indonesia use QRIS, mainly in Batam and Bintan, and also Jakarta.”

Bank Indonesia currently trying to expand the cross-border QRIS implementation to UAE, South Korea, Japan, and China which is currently still in the process of negotiations. (NUGO)

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