Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) have launched a cross-border QR code payment linkage between Malaysia and Singapore.
Customers of participating financial institutions can now make retail payments by scanning DuitNow QR and NETS QR codes, which will support in-person payments through physical QR codes displayed by merchants and online cross-border e-commerce transactions. This payment linkage is a crucial milestone in the ongoing collaboration between the two countries to enhance cross-border payments connectivity. It will provide merchants and consumers with a more seamless and efficient means to make and receive payments.
This initiative is in line with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments, and the payment linkage is possible through the collaboration of various industry players from both countries. In the next phase, BNM and MAS plan to expand the payment linkage to enable cross-border account-to-account fund transfers and remittances. This service is expected to go live by end-2023. The collaboration is significant in realising the vision of an ASEAN network of fast, efficient, and interconnected retail payment systems.
1 April 2023