Hooray, Shopping in Singapore Can Use QRIS Starting from November 2023

Hooray, Shopping in Singapore Can Use QRIS Starting November 2023.

Hooray, Shopping in Singapore Can Use QRIS Starting from November 2023

"Dream - Bank Indonesia informs that the Quick Response Indonesia Standard (QRIS) service will be used in Singapore starting from November 2023. Therefore, shopping in Singapore is now easier by simply preparing mobile banking on a smartphone that can be connected to a QR code."

"With Singapore, QRIS will be implemented in November, God willing. So wherever you go, friends just need to bring their mobile phones to use QRIS for various retail transactions."

The text translates to: "words from the Governor of Bank Indonesia Perry Warjiyo in a press conference, quoted from Liputan6.com, Friday, October 20, 2023."

Expansion of QRIS to Other Asian Countries

The following is the translation of the text from 'Bahasa' to 'English' while preserving any html tags: "The QRIS payment system has been implemented in other Southeast Asian countries such as Thailand and Malaysia. After going through a series of pilot tests, QRIS can finally be used in Singapore. Bank Indonesia aims to expand QRIS not only to ASEAN countries. Bank Indonesia will expand to other Asian regions such as Japan, India, South Korea (Korea), and China."

"Hopefully in November we can meet with Singapore and next, Japan, as well as India and South Korea, maybe even with China,"

"Deputy Governor of BI Fillianingsih said."

Furthermore, Filli, who is familiarly called, mentioned that the use of cross-country QRIS in Thailand and Malaysia continues to increase, especially in tourist and business areas.

"The cross-border transactions of QRIS continue to increase, especially with Malaysia and Thailand, both inbound and outbound. Inbound means tourists coming to Indonesia, outbound means Indonesians going to Thailand," he said. "This mainly happens in tourist destinations and business areas. So in Jakarta, Bali, East Java, West Java. In West Java, Malaysia is high, Malaysian tourists come to shop and they already use QRIS," he concluded."

"QRIS Transaction"

BI also recorded that the nominal transaction of QRIS in the third quarter of 2023 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 small and medium enterprises (UMKM).

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). In terms of Rupiah money management, the amount of Circulated Cash Money (UYD) in the third quarter of 2023 increased by 6.16 percent (yoy) to Rp961.59 trillion.

The Governor of Bank Indonesia, Perry Warjiyo, also 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.

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