A QRIS Adventure in Singapore
Indonesian travelers heading to Singapore will soon be able to make transactions using the Quick Response Code Indonesian Standard (QRIS). Why? Because, starting in November 2023, Bank Indonesia (BI) is set to implement QRIS in the city-state.
At the moment, QRIS has only been implemented in two countries, Thailand and Malaysia. Soon, Indonesian residents will simply need to bring their smartphones to shop in Singapore.
“God willing, it will implemented in Singapore in November. So, wherever you go, my friends, just bring your phone, and you can use QRIS for various retail transactions,” said Governor of Bank Indonesia (BI) Perry Warjiyo during a press conference at his office on Thursday, October 19.
QRIS Expansion Plans
Meanwhile, Deputy Governor of BI, Filianingsih Hendarta, stated that after Singapore, their goal is to implement QRIS in Japan, India, South Korea, and China.
“Hopefully, in November, we will launch it with Singapore, and then next, with Japan, India, South Korea, and maybe China too. So, when you go to these three countries, just scan, as long as there’s a balance on your phone,” she explained.
Fili mentioned that the transaction value in Malaysia and Thailand has seen a continuous increase. Most of these transactions happen in tourist destinations and business areas.
“QRIS cross-border transactions have been on the rise, especially with Malaysia and Thailand, both inbound and outbound. Inbound means Thai tourists coming to Indonesia, while outbound refers to Indonesians heading to Thailand,” she stated.
“So, in Jakarta, Bali, East Java, West Java, and in Malaysia, West Java is high on the list. Malaysian tourists come to shop, and they already use QRIS,” she added.
For QRIS transaction values in the third quarter of 2023, there was an 87.90 percent year-on-year growth, reaching a total value of Rp56.92 trillion.
The number of users recorded at 41.84 million, with 29.04 million merchants, most of which are micro, small, and medium-sized enterprises (MSMEs).
Earlier, on Thursday, August 17, 2023, Bank Indonesia officially conducted a trial of QRIS usage in Singapore.
“After successfully implementing it in Thailand and Malaysia, we are now conducting a QRIS trial between Indonesia and Singapore,” Perry announced from his office on Thursday, August 17, 2023.
The trial of the service conducted between BI and the Association of Indonesian Payment Systems (ASPI), along with the Monetary Authority of Singapore and NETS Singapore.
“We have agreed between BI and the Monetary Authority of Singapore to initiate this trial, so it will also target MSMEs and boost tourism growth,” he explained.