Singapore and Malaysia Launch Cross-Border QR-Code Merchant Payments
(31 March 2023 - Asia) Singapore and Malaysia have linked their payment systems, enabling shoppers to make purchases across borders by scanning QR codes.
Launched by the Monetary Authority of Singapore and Bank Negara Malaysia, the linkage allows customers of participating financial institutions to make retail payments by scanning NETS QR and DuitNow QR codes.
It supports in-person payments for travellers through the scanning of physical QR codes displayed by merchants, as well as online cross-border e-commerce transactions.
With pre-pandemic annual traffic between Singapore and Malaysia averaging 12 million visitors, the payment linkage will provide merchants and consumers with a more seamless and efficient means to make and receive payments, say the central banks.
By the end of the year, the service will be extended to let people make real-time P2P fund transfers between Singapore and Malaysia using just the recipient’s mobile phone number via PayNow and DuitNow.
Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus says: “This is a significant step forward in realising the vision of an ASEAN network of fast, efficient and interconnected retail payment systems.
"The QR linkage between Malaysia and Singapore will benefit millions of commuters across the Causeway as well as business and leisure travellers. It will also be a boost to retail businesses in both countries."
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