Liquid & CIMB Niaga to support QRIS for cross-border transactions
Liquid Group and PT Bank CIMB Niaga Tbk ("CIMB Niaga") announced a strategic partnership to spearhead cross-border QR payment acceptance between Singapore and Indonesia. The partnership was initiated through their joint participation in Bank Indonesia's Quick Response Indonesian Standard (QRIS) trial for cross-border payment transactions.
The QRIS trial was conducted on May 23, 2019, using the CIMB Niaga's digital banking product "Go Mobile" carried out at selected merchants located at Terminal 3, Singapore Changi Airport.
Slated to launch in the 3rd quarter of 2019, Liquid Group and CIMB Niaga will enable the acceptance of participating QRIS compliant payment apps and e-wallets at Singapore Changi Airport through Liquid's integrated QR payments and marketing infrastructure launched back in April this year.
Liquid Group and CIMB Niaga have successfully completed their proof-of-concept with CIMB Niaga's Go Mobile application and QRIS compliant payment apps and e-wallets. With the integration of Bank Indonesia's QRIS code into Liquid Group's cross-border payments platform, Indonesian travellers will be able to use their preferred local payment apps to make purchases at Changi Airport.
Furthermore, Liquid Group and CIMB Niaga will be looking at opening the Singapore - Indonesia corridor for QR payments, enabling the acceptance of Singapore's local payment apps and e-wallets at participating merchants in Indonesia.
CIMB Niaga Director Lani Darmawan says, "We are honoured to be the first bank in Indonesia given the opportunity by Bank Indonesia to conduct a cross-border QRIS payment trial. We believe that this initiative will greatly benefit our customers who can enjoy the ease of transacting abroad, starting with Singapore's Changi Airport, using our Go Mobile QR app.
“This also offers a perfect solution to our customers who may not travel aboard with credit cards or large amounts of cash. We see great potential in the adoption of QRIS-supported cross-border payments with an increasing number of people travelling aboard."
Darmawan added, "The Go Mobile application will offer customers an attractive and competitive exchange rate at the point of payment, with the option to draw funds from their savings accounts, e-wallets and credit cards."
Liquid Group and Joint Electronic Teller Services Limited ("JETCO") has also announced a strategic partnership to enable cross-border QR payment acceptance in Singapore and Hong Kong earlier in May, a month after the launch of the world's first integrated QR payments and marketing infrastructure at Changi Airport back in April 2019.