QR code for cross-border payments: Malaysia and Singapore.
Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) have launched a cross-border payment linkage using QR codes between Malaysia and Singapore.
Customers of participating financial institutions can now pay for goods and services at merchants by scanning NETS and DuitNow QR codes. The system supports both in-person payments by scanning physical QR codes displayed by merchants and cross-border online e-commerce transactions.
In the official MAS-BNM statement, it is said: “With pre-pandemic annual traffic between the two countries averaging 12 million visitors, the payment linkage will provide merchants and consumers with a more seamless and efficient means to make and receive payments.”
By the end of the year, the service will be expanded, offering the possibility of instant P2P transfers between Singapore and Malaysia using the recipient’s mobile phone number via PayNow and DuitNow.
We continue to monitor the developments and believe that such a payment model has the potential to encompass an increasing number of countries.