Cross-border QR payments between Singapore and Indonesia now possible

Cross-border retail payments can be made using NETS QR or QRIS codes displayed by merchants in Singapore and Indonesia respectively.

Timothy Kang

·Finance Producer

Updated 17 November 2023 at 8:40 am·2-min read

Bank Indonesia governor Perry Wijaya and MAS managing director Ravi Menon on stage, illustrating a story on cross-border QR code payments. — Singapore and Indonesia residents can now make cross-border retail QR payments at merchants in both countries. (PHOTO: Yahoo Finance Singapore)

SINGAPORE — Residents of Singapore and Indonesia can now make seamless cross-border retail payments through NETS QR (Quick Response Code) or QRIS (Quick Response Code Indonesian Standard) codes displayed by merchants in Singapore and Indonesia respectively.

The launch of the cross-border QR payments linkage between Singapore and Indonesia was jointly made by Bank Indonesia (BI) governor Perry Warjiyo and Monetary Authority of Singapore (MAS) managing director Ravi Menon at the 2023 Singapore FinTech Festival on Friday (17 November).

Singapore users can make these cross-border retail payments using their existing mobile banking applications by participating banks, which include OCBC and UOB. DBS will join at a later stage.

“The QRIS-NETS QR payment linkage will promote cross-border e-commerce activities and tourism spending across Singapore and Indonesia, by individuals and small businesses," said Ravi. According to data from Statistics Indonesia and Statistics Singapore, there were 600,000 arrivals from Singapore to Indonesia and 1.1 million travellers from Indonesia to Singapore from January to June 2023.

The launch follows a similar cross-border QR collaboration between NETS and Thailand's National ITMX in 2022, and the PayNow and DuitNow (Malaysia) QR payment linkage in March 2023.

Also read: Singapore travellers can use DBS, OCBC apps to pay in Thailand
Also read: Travelling DBS PayLah! users can now pay with QR codes outside of Singapore
Also read: Malaysians can now scan and pay Singaporean PayNow QR codes with local banking apps

In addition, MAS and BI have also signed a Letter of Intent (LOI) to establish a local currency settlement framework. The framework, which will be operationalised in 2024, will facilitate the settlement of cross-border payments, including QR payments, trade and investments between the two countries in their respective local currencies, thus reducing exposure to exchange rate risks and costs.

"The upcoming local currency settlement framework by BI and MAS will complement this payment linkage by facilitating the use of Indonesia Rupiah and Singapore Dollar for the settlement of cross-border payments," said Ravi.

The LOI follows the signing of a Memorandum of Understanding on a framework for co-operation to promote bilateral transactions in local currency (LCT Framework) by both central banks in August 2022.

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