Hooray, QRIS Transactions Can Be Used in Singapore Starting from November 17, 2023

Hore, Transaksi Lewat QRIS Bisa Dipakai di Singapura Mulai 17 November 2023

Hooray, QRIS transactions can be used in Singapore starting from 17 November 2023.

Hooray, QRIS Transactions Can Be Used in Singapore Starting from November 17, 2023

Dream - The list of countries that can accept transactions with the Indonesian Standard Quick Response Code (QRIS) system has increased. After Thailand and the Philippines, Bank Indonesia (BI) has confirmed that the QRIS transaction system can now be used in Singapore starting from November 17, 2023.

"The implementation of cross-country QRIS, which will be expanded on November 17, will not only involve Malaysia and Thailand, but also Singapore," stated the Governor of BI, Perry Warjiyo, in a conference quoted from Liputan6.com, Saturday, November 4, 2023."

Deputy Governor of BI Fillianingsih Hendarta added, BI will expand the utilization of the QRIS system to other Asian countries such as India, Japan, China, and South Korea. He also mentioned that the implementation of QRIS in Malaysia and Thailand continues to increase both inbound and outbound.

"(Inbound) especially the transactions in tourist destinations and business areas, in Jakarta, Bali, East Java, and West Java. In Malaysia, West Java is popular, Malaysian tourists come to shop and they already use QRIS."

"bebernya." in English is "the rest."

"Previously, the Governor of Bank Indonesia, Perry Warjiyo, stated that the performance of digital economic and financial transactions remains strong, supported by a secure, smooth, and reliable payment system. 'In the third quarter of 2023, the value of Electronic Money (UE) transactions increased by 10.34 percent (yoy) to reach Rp116.54 trillion, while the value of digital banking transactions recorded Rp15,148.71 trillion, or grew by 12.83 percent (yoy),' said Perry last October."

Besides that, BI also noted that the transaction amount of QRIS grew by 87.90 percent (YoY) and reached Rp56.92 trillion, with 41.84 million users and 29.04 million merchants, where the majority are micro, small, and medium enterprises (UMKM). "Bank Indonesia continues to encourage the acceleration of payment system digitization and the expansion of cross-border payment system cooperation to drive financial economic inclusion and expand digital economy and finance," he said.

Meanwhile, the transaction value of payments using ATM cards, debit cards, and credit cards reached Rp2.041,72 trillion or decreased by 4.94 percent (yoy).

From the perspective of Rupiah money management, the amount of Circulating Currency (UYD) in the third quarter of 2023 increased by 6.16 percent (YoY) to Rp961.59 trillion.

Furthermore, Perry Warjiyo emphasized that Bank Indonesia also continues to ensure the availability of Rupiah currency with preserved quality throughout the territory of the Republic of Indonesia through the program of distributing Rupiah currency to Outermost, Frontmost, and Remote areas (3T) as well as the activities of Mobile Cash Service, Cash Deposit, and Sovereign Rupiah Expedition.

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