JAKARTA (Reuters) – Indonesia’s central bank said on Thursday it had commenced a trial of cross-border QR code payments with its Singaporean counterpart.
Both countries aim to implement this system in the latter half of the year, as stated by Singapore’s central bank in an earlier announcement.
This move signifies a significant step towards enhancing digital payment infrastructure and fostering economic ties between Indonesia and Singapore.
The use of QR codes in facilitating cross-border payments is gaining popularity globally, as it offers convenience and cost efficiency compared to traditional payment systems.
With the trial underway, both central banks will assess the functionality and security of the system to ensure a smooth and secure user experience.
Once successfully implemented, the QR code payment platform will allow consumers and businesses in Indonesia and Singapore to make seamless transactions across borders.
This initiative is expected to drive greater financial integration and bilateral trade between the two countries, benefiting businesses and consumers alike.
Indonesia has been actively promoting the use of digital payments to boost financial inclusion, and this collaboration with Singapore is a significant milestone in achieving that goal.
The trial period will provide valuable insights and feedback that can be used to refine and improve the system before its official launch.
Both central banks are committed to ensuring the security and reliability of the QR code payment platform to build trust among users and encourage widespread adoption.
This development aligns with Indonesia and Singapore’s broader efforts to strengthen their economic cooperation and promote innovation in the fintech sector.
The successful implementation of cross-border QR code payments will facilitate greater ease of doing business and strengthen financial ties between the two nations.
Overall, this trial marks a significant milestone in the advancement of digital payment systems and represents a collaborative effort between Indonesia and Singapore to create a more integrated and efficient financial ecosystem.
(Reporting by Stefanno Sulaiman; Editing by Martin Petty)
Credit: The Star : Tech Feed
