QR Transactions Now Available in Singapore!

Sunday, 19 January 2025

QR Transactions Now Available in Singapore!

Author: Pradhnya Anindya Dewanti
November 30, 2023

Singapore, Indonesia Launch Cross-Border Payment Links

SEAToday.com, Jakarta - Transactions using QRIS are now possible in Singapore! On Friday (11/17), Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) began the implementation of cross-border QR payments.

This implementation allows customers of cooperating financial institutions to make retail payments between countries by scanning the Quick Response Code Indonesian Standard (QRIS) or QR Network for Electronic Transfers Singapore (NETS) owned by merchants in Indonesia or Singapore.

BI Governor Perry Warjiyo stated that this is an effort to provide faster, cheaper, more transparent, and inclusive transaction services for the people of both countries, benefiting especially micro, small, and medium enterprises. Meanwhile, MAS Managing Director Ravi Menon mentioned that this implementation can boost e-commerce activities between countries and tourism spending for tourists from both countries.