The central bank said the payment linkage would support in-person payments through the scanning of physical QR codes displayed by merchants, and online cross-border e-commerce transactions. With pre-pandemic annual traffic between the two countries averaging 12 million visitors, BNM said the payment linkage would provide merchants and consumers with a more seamless and efficient means to make and receive payments.

We will continue to work closely with our partners to accelerate our digitalisation agenda towards increased regional economic and financial integration,' she said in a statement.Īccording to BNM, the initiative is 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. 'It will also be a boost to retail businesses in both countries. 'The QR linkage between Malaysia and Singapore will benefit millions of commuters across the Causeway as well as business and leisure travelers. The central bank said the DuitNow-NETS QR code payment linkage is a key milestone in the ongoing collaboration between Malaysia and Singapore to enhance cross-border payment connectivity.īNM governor Tan Sri Nor Shamsiah Mohd Yunus said the cross-border QR code payment linkage is a 'significant step forward in realising the vision of an Asean network of fast, efficient, and interconnected retail payment systems.” The payment linkage would allow customers of participating financial institutions to make retail payments by scanning DuitNow QR and NETS QR codes. KUALA LUMPUR: Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) have launched a cross-border QR code payment linkage between Malaysia and Singapore.

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