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The central banks of Indonesia and Singapore are gearing up to integrate QR code technology into their payment systems, allowing for seamless cross-border transactions between the two nations.
Both the Monetary Authority of Singapore (MAS) and Bank Indonesia (BI) have announced their plans to incorporate QR codes for cross-border payments by the end of the current year.
This initiative, first revealed in August 2022, has made significant progress, with approximately three-quarters of the beta testing phase already completed, as stated by BI’s Deputy Governor, Filianingsih Hendarta.
Singapore has been a frontrunner in this domain. As early as 2018, it introduced what it touted as the world’s inaugural unified payments QR code. Subsequently, Singapore has executed a cross-border pilot program with Malaysia. Moreover, Indonesia and Thailand have also established connections between their respective QR code systems.
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