Patrick Tan
• Cross-border QR code payments launched between Singapore and Malaysia
• NETS-DuitNow QR code payment linkage benefits merchants and consumers
• Person-to-person fund transfers planned for year-end
Imagine shopping and traveling between Singapore and Malaysia with just a simple 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!
A New Way to Pay
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.
Benefits for All
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.”
More Good Things to Come
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.
Actionable and Practical Takeaways
• 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?
