S’pore and M’sia introduce seamless cross-border payments via Nets and DuitNow QR codes
Cross-border payments between Singapore and Malaysia have been made easier with the launch of cross-border QR code payment connectivity, announced jointly by the Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) today (March 31).
Customers of participating financial institutions can now pay for products and services at merchants by scanning physical Nets and DuitNow QR codes.
The participating institutions in Singapore are DBS Bank, OCBC Bank and UOB, while in Malaysia, the participating establishments include AmBank Malaysia, Boost, CIMB Bank, Hong Leong Bank, Malayan Banking, Public Bank, Razer Merchant Services, TNG Digital, and UOB Malaysia.
The payment linkage will also support cross-border online transactions for e-commerce.
Additionally, MAS and BNM are planning to roll out cross-border person-to-person fund transfers by the end of the year, allowing individuals to transfer money using a phone number via PayNow and DuitNow.
“This QR code linkage between Singapore and Malaysia is an important milestone in ASEAN’s journey towards seamless regional payments connectivity,” said MAS managing director Ravi Menon. He added that cross-border linkages like this would boost commerce beyond the borders of Singapore while allowing smaller businesses to access a wider pool of consumers.
The payment linkage is expected to provide merchants and consumers with a more efficient means of making and receiving payments, especially given pre-pandemic annual traffic between the two countries averaging 12 million visitors.
The cross-border payment connectivity initiative is part of MAS’s and BNM’s efforts to enhance payment connectivity between ASEAN countries and promote the region’s growth and competitiveness.
Featured Image Credit: SoyaCincau