Number of QR payment app users in Singapore, Indonesia and Malaysia will grow by 78% by 2025
In July 2023, the number of QR code users in Indonesia reached 562,000 people, in Malaysia – by 338,700, and in Singapore – by 96,700.
In Indonesia, the figure grew by 11% monthly since September 2018. One of the reasons for it could be a mandatory national QR code system (QRIS) introduced by the Central Bank of Indonesia.
Malaysia saw a rapid increase in the use of QR payments in April and May 2020, with 45,000 and 118,000 new users respectively, which was due to the introduction of quarantine measures against the pandemic.
In Singapore, the development of QR payments has been proceeding smoothly, without the strong influence of individual factors. The monthly growth since 2018 remained at 2.3% on average.
Using the exponential smoothing method, the analysts have predicted the number of users of QR codes. Their maximum possible number in Indonesia, Malaysia and Singapore may reach 1.77 million people by 2025. Out of them, 122,100 users will be from Singapore, 787,500 – from Malaysia and 865,300 – from Indonesia. It is expected that out of the three countries, Indonesia will remain the leader in terms of the number of users.
Analysts of the group commented: “The main factor behind the upward trend in the near future may be the introduction of cross-border QR payments. Five ASEAN countries, including Indonesia, Singapore, Malaysia, Thailand and the Philippines, have agreed to cooperate on cross-border payments using QR codes or e-wallets. Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) have already launched a cross-border QR code payment system between Malaysia and Singapore in March, 2023. Later, Bank Indonesia (BI) and Bank Negara Malaysia (BNM) announced the implementation of the cross-border QR payment system. The launch of QR payments between Indonesia and Singapore is planned before the end of 2023.”
