QR payment app users in SEA to grow by 78% by 2025, study shows

By Puja Sharma

According to analysts of UnaFinancial, the number of users of QR payment apps in Singapore, Malaysia and Indonesia reached 997,000 people in July 2023. By 2025, it may increase by 78%, totalling 1.77 million people.

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.

Indonesia is the most recent major country in the region to adopt RTP and is set for rapid RTP growth at a CAGR of 81.9% between 2022 and 2027. This makes Indonesia’s BI-FAST one of the world’s fastest-growing and most successful RTP schemes.

APAC leads the way in cross-border payments initiatives, including live RTP integrations among the Association of Southeast Asian Nations, and ACI has supported customers across the region to deliver RTP services. The latest milestone is the launch of cross-border QR code payments between Indonesia and Malaysia in May 2023.

The increasing cross-border RTP linkages open doors to new business opportunities and enhance trade by facilitating faster, cheaper, transparent and inclusive cross-border payments. With the rebound in international travel, the payment linkages are expected to provide travelers greater convenience, benefiting both economies’ tourism and retail sectors.

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 noted, “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.”