Malaysia, Singapore launch cross-border QR code payments connectivity

This payment linkage will allow customers to make retail payments by scanning DuitNow QR and NETS QR codes, both regulators said in a statement, reported Xinhua.

According to the statement, the payment linkage will support in-person payments through the scanning of physical QR codes displayed by merchants, and online cross-border e-commerce transactions.

The linkage is a key milestone in the ongoing collaboration between Malaysia and Singapore to enhance cross-border payment 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 also a testament to both countries' commitment to improving 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.

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 will allow users to make real-time fund transfers between Malaysia and Singapore conveniently using just the recipient's mobile phone number via DuitNow and PayNow.