Singapore and Malaysia launch cross-border payment system
Singapore and Malaysia have announced the linking of their payment systems, enabling customers of participating financial institutions to make retail payments by scanning NETS QR and DuitNow QR codes. The Monetary Authority of Singapore and Bank Negara Malaysia launched the payment linkage, which facilitates cross-border payments for travellers and online
Singapore and Malaysia have announced the linking of their payment systems, enabling customers of participating financial institutions to make retail payments by scanning NETS QR and DuitNow QR codes.
The Monetary Authority of Singapore and Bank Negara Malaysia launched the payment linkage, which facilitates cross-border payments for travellers and online transactions.
The service will be extended by the end of the year to allow real-time P2P fund transfers between Singapore and Malaysia using the recipient’s mobile phone number via PayNow and DuitNow.
Acquah Nana Yeboah
The payment linkage comes as pre-pandemic annual traffic between Singapore and Malaysia averaged 12 million visitors, and it will provide merchants and consumers with a more seamless and efficient means to make and receive payments, according to the central banks.
It is also a significant step forward in realising the vision of an ASEAN network of fast, efficient and interconnected retail payment systems, says Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus.
This move aligns with the Southeast Asian region’s push towards more digital payment solutions, with QR code payment methods already widely used across Southeast Asia, including in countries such as China, India, and Indonesia.
