Indonesia and Singapore Collaborate on Cross-Border QR Code Payments
The central banks of Indonesia and Singapore are poised to change cross-border payments by implementing QR code technology, as stated in Fintech Global News. Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) are set to launch this innovative service by the end of the year, marking a significant step in enhancing financial transactions between the two nations.
Originally announced in August 2022, the plan to incorporate QR codes into the payment systems of both countries encountered some delays in its execution. Despite initial enthusiasm, progress had been limited. However, Bank Indonesia’s deputy governor, Filianingsih Hendarta, now confirms that the project has reached a critical milestone, with three-quarters of beta testing successfully completed.
Singapore took a pioneering step in 2018 by introducing the world’s first unified payments QR code, establishing itself as a frontrunner in the sector. Over the past five years, the nation has maintained its leadership by achieving several key milestones. This includes completing a successful cross-border pilot program with Malaysia, as well as linking payment systems with Indonesia and Thailand.
In a separate development in the region’s payment technology landscape, Visa recently made a significant move by launching Apple Pay in the Vietnamese market. This move is viewed as a significant advancement in promoting cashless payments within the country. For the first time, customers in Vietnam can utilize Apple Pay in conjunction with their Visa cards, enabling a seamless and secure payment experience.
Prominent banks in the region, including Asia Commercial Joint Stock Bank (ACB), Military Commercial Joint Stock Bank (MB), Sacombank, Techcombank, Vietcombank, and VPBank, have all expressed their commitment to integrating this innovative payment solution into their services. As the collaboration between nations and financial institutions continues, the adoption of cross-border QR code payments is expected to reshape the landscape of international financial transactions.