Singapore and Malaysia have launched cross-border QR code payments, letting shoppers scan NETS QR and DuitNow QR codes to pay without cash or currency exchange.
KEY POINTS
IN SIMPLE TERMS
You can now shop in Singapore or Malaysia using your phone to scan a QR code, and the payment works across the border without needing cash or changing money. Later this year, you'll also be able to send money to friends and family using just their phone numbers.
WHY IT MATTERS
WHERE DO YOU STAND?
Should cross-border digital payments like QR codes replace cash entirely for travellers between Singapore and Malaysia?
👍 👎 Vote ↓Imagine shopping and travelling between Singapore and Malaysia with just a simple QR code scan.
No need to carry cash or worry about exchanging currencies.
That’s what the new cross-border QR code payments can do for you!
On 31 March 2023, the Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) launched cross-border QR code payments between Singapore and Malaysia.
This new way of paying allows customers to scan NETS QR and DuitNow QR codes when they shop.
It’s available for both in-person shopping and online transactions.
This new payment system is great news for everyone.
With 12 million visitors travelling between the two countries yearly, cross-border QR code payments will make shopping easier and more fun.
Merchants can enjoy a wider pool of customers, while shoppers can enjoy a seamless and efficient way to pay.
Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore, said, “This QR code linkage between Singapore and Malaysia is an important milestone in ASEAN’s journey towards seamless regional payments connectivity.”
The next step for MAS and BNM is to add person-to-person fund transfers and remittances.
By the end of 2023, users can send money to family and friends using their mobile phone numbers through PayNow and DuitNow.
• Explore new shopping opportunities in both Singapore and Malaysia
• Enjoy the convenience of cross-border QR code payments for your purchases
• Keep an eye out for person-to-person fund transfers coming by year-end
With cross-border QR code payments, shopping and travelling between Singapore and Malaysia have never been easier.
So, are you ready to discover new places and experiences with just a simple scan?
Should cross-border digital payments like QR codes replace cash entirely for travellers between Singapore and Malaysia?
Be the first to weigh in.
