Indonesia and Singapore pilot cross-border QR code payments

shutterstock 1092490268 Large
Qr code payment

Indonesia and Singapore are paving the way for a more streamlined cross-border payment system. According to a recent update by Reuters, the central banks of both nations have embarked on a trial phase of cross-border QR code payments.

This initiative highlights the increasing cooperation and integration within the Southeast Asian financial landscape. QR code payment systems, known for their convenience and speed, have gained substantial traction across Asia. By facilitating a cross-border payment mechanism, both countries are looking to bolster their trade relations, promote tourism, and make transactions more effortless for both citizens and businesses.

Moreover, this isn’t a distant dream; both central banks are ambitiously aiming for a swift rollout. As highlighted by an earlier statement from Singapore’s central bank, there’s a set target to introduce this system within the second half of this year.

If successful, this collaboration may serve as a blueprint for other nations in the region and perhaps even globally. Given the ever-evolving digital landscape and the need for seamless transactions in an increasingly interconnected world, endeavours like this are undoubtedly a step in the right direction.

More from Qonversations

Global Affairs


Nearly 55 million face hunger in West and Central Africa

Global Affairs

2024 04 11T160209Z 1093576212 RC2F47A84CXD RTRMADP 3 IMF WORLDBANK USA

IMF confirms Kristalina Georgieva for second term

Global Affairs

2024 04 02T195413Z 1300110265 RC2OX6ANJGPZ RTRMADP 3 HAITI VIOLENCE

Haiti finalizes deal to form transitional council

Global Affairs


Why Estonia wants to classify the Estonian Orthodox Church as a terrorist organization

Front of mind