Customers in Thailand and Malaysia can now access instant cross-border remittances
Asian banks launch cross-border QR payments. Source: flickr.com
According to The Edge Markets, the Bank of Thailand (BOT) and Bank Negara Malaysia (BNM) launch a QR remittance linkage between the two countries. This will guarantee instant QR code payments.
The project commenced in June 2020 and will be carried out in three phases. The initial stage, which involves linking PromptPay in Thailand and DuitNow in Malaysia, the two real-time payment systems, has been completed. Thailand users can now scan DuitNow QR codes with their mobile payments applications to make all payments, even cross-border transactions.
Phase 2 is set to be completed in 2021. Under this, Malaysian users will make payments using Thai QR codes via their mobile remittance applications.
Phase 3 will go live in 4Q22. This will allow users in both countries to make real-time money transfers easily using the recipient’s mobile number. The payment linkage between the two countries will enhance post-COVID-19 recovery and also strengthen the relationship between the two nations.
The initiative also forms part of the ASEAN Payment Connectivity initiative. Through the reduction of costs, increased efficiency and enhanced user experience, the initiative enhances financial integration. The payment system will also increase the convenience and efficiency of cross-border remittances by giving access to cheaper, inclusive and faster payment avenues.
The project has also been enabled by the collaboration between the National ITMX (NITMX) and Payments Network Malaysia (PayNet).
Public Bank Bhd and CIMB Thai Bank are the first financial institutions to offer prompt cross-border payment solutions.
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