Key Points
- Bank Indonesia joined hands with the Monetary Authority of Singapore to create a cross-border QR code payment connection.
- Creators expect to launch the linkage in the second half of 2023.
- The linkage will allow users to quickly settle retail payments using NETS QR and QRIS.
BI (Bank Indonesia) and MAS (Monetary Authority of Singapore) joined efforts to create a QR code linkage for cross-border payments. Furthermore, the linkage will allow its users to securely settle retail payments by scanning the NETS QR codes provided by sellers and QRIS (Quick Response Code Indonesian Standard).
The institutions predict the QR code linkage will be available by the second half of 2023. QRIS stands for the national and accepted standard of QR payments in Indonesia. Similarly, the Singapore electronic payment network, NETS, operates NETS QR. Both QRIS and NETS allow sellers to settle payments with customers associating with different banks and mobile wallet operators. They accomplish this task through a unified QR code.
According to the pair of collaborators, the linkage will immensely benefit a large number of individuals and groups. The people, corporations, and other micro, small and medium enterprises will gain greater fluidity in conducting cross-border payments. Moreover, the collaboration will allow Indonesia and Malaysia to handle cross-border transactions efficiently at a more incredible speed.
Reference,
Indonesia and Singapore Collaborate on Cross-Border QR Code Payments
