Singapore and Malaysia announced the unification of the payment systems of the two countries.
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This solution allows residents of these countries to make cross-border transactions by scanning QR codes.
The Linkage system, which was launched by the Monetary Authority of Singapore and Negara Malaysia Bank, provides customers of participating financial institutions with the opportunity to make retail payments by scanning QR codes NETS and DuitNow.
The system supports personal payments for travelers using the method of scanning physical QR codes displayed by sellers, as well as online cross-border e-commerce transactions.
The annual traffic between Singapore and Malaysia before the coronavirus pandemic averaged 12 million visitors. Taking into account this circumstance, the statements of the central banks of these countries that the unified payment system will provide sellers and consumers with a smoother and more efficient tool for making transactions and receiving money are fair.
By the end of the year, the list of services within the general payment system will be expanded. As a result of the planned upgrade, users will be able to P2P transfers of funds in real time between Singapore and Malaysia using only the recipient’s mobile phone number via PayNow and DuitNow.
The Governor of Negara Malaysia Bank, Tan Sri Nor Shamsia Mohd Yunus, stated that the unification of the two payment systems is a significant step forward in the process of implementing a network of fast, efficient, and interconnected ASEAN retail money transfer systems. He also noted that the QR link between Malaysia and Singapore will benefit millions of passengers crossing the dam, business representatives, and tourists. The bank’s governor stressed that the relationship will be an incentive for retail business in both countries.
Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore, said that the NETS-DuitNow payment system with a QR code is the latest addition to Singapore’s growing set of cross-border payment systems. He noted that combining the systems of the two countries will help stimulate cross-border trade and allow sellers to reach a wider range of consumers.
As we have reported earlier, India & Singapore to Officially Link Payment Systems.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
