Bisnis, JAKARTA — Implementing cross-border QR payment connectivity between Indonesia and Singapore can potentially increase QR-based payment transaction activities even more than the previous implementations with Thailand and Malaysia.

Before, Bank Indonesia (BI) and the monetary authorities of Thailand and Malaysia agreed to cooperate on cross-border transactions using the Indonesian Standard Quick Response Code (QRIS). A similar initiative was agreed upon with Singapore last Friday (11/17/2023).

With cross-border QRIS, international transactions can be conducted by scanning the QRIS code without exchanging the original currency for the destination country's currency. Previously, BI Governor Perry Warjiyo said Indonesia is currently diversifying its currencies. 

“Indonesia has begun to initiate currency usage diversification, namely in local currency transactions (LCT). This is diversification,” he said on BI’s YouTube channel, quoted on Monday (11/20/2023).