Malaysia, Singapore launch cross-border QR code payment

April 03, 2023 | 16:54
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The Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) recently launched a cross-border QR code payment linkage between the two countries.
Malaysia, Singapore launch cross-border QR code payment | World | Vietnam+ (VietnamPlus)
Malaysia, Singapore launch cross-border QR code payment (Photo source: ffnews.com)

Hanoi – The Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) recently launched a cross-border QR code payment linkage between the two countries.

According to the two banks’ joint announcement, the move will allow consumers of participating financial institutions to make retail payments through NETS QR and DuitNow QR codes.

It’s also considered as a key milestone in the on-going bilateral collaboration to enhance cross-border payments connectivity.

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.

This initiative is testament to both countries’ commitment to improve the cost, speed, access and transparency of cross-border payments, in line with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments.

Following the launch of the cross-border QR payment, Singapore and Malaysia will be expanding their partnership to include cross-border account-to-account fund transfers and remittances. This will allow users to make real-time fund transfers between Singapore and Malaysia conveniently using just the recipient’s mobile phone number via PayNow and DuitNow.

QR codes being installed around Ly Son Island QR codes being installed around Ly Son Island

The installation of QR codes at tourism sites in Ly Son island district in central Quang Ngai province is being carried out by the management board of the Ly Son-Sa Huynh Geo-Park in coordination with district authorities, as part of efforts to promote digitalisation in the tourism sector.

Da Nang pilots QR code technology for tourist information search Da Nang pilots QR code technology for tourist information search

The central city of Da Nang city is piloting the installation of QR code display boards on street name posts across its Son Tra district to serve the need on searching information of residents and visitors.

QR codes pushing development in digital payments QR codes pushing development in digital payments

Due to cheap investment and fast implementation, QR codes have developed quickly to become more popular among customers across industries.

By VNA

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