Singaporeans can now make payments to retailers in Malaysia through QR codes

Travellers between Singapore and Malaysia can now make digital payments on both sides of the causeway with the the launch of the NETS-DuitNow QR code payment linkage on Friday (Mar 31). 

Jointly launched by The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM), customers from participating banks can make fuss-free retail transactions by scanning either the NETS QR in Singapore or DuitNow QR codes in Malaysia.

NETS and DuitNow are the two countries’ respective national electronic payment systems. With both now being connected, cross-border payments between consumers and retailers will be further enhanced with improved “cost, speed, access and transparency”.

As of Mar 31, the participating banks in Singapore include DBS Bank, OCBC Bank and UOB.

Malaysian banks involved in the cross-border QR code linkage include Ambank Malaysia, Berhad, Boost and CIMB Bank Berhad, Hong Leong Bank Berhad, Malayan Banking Berhad, Public Bank Berhad, Razer Merchant Services, TNG Digital and UOB Malaysia.

According to MAS and BNM, the NETS-DuitNow QR code payment linkage is “in line with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments”.

There are future plans to expand the cross-border payment linkage to include fund transfers between digital banking users using their mobile phone numbers through PayNow and DuitNow. This person-to-person (P2P) service is expected to be ready for roll out by end-2023.

“These linkages will help boost cross-border commerce and enable our merchants, especially small businesses to tap on a wider pool of consumers,” said managing director of MAS Ravi Menon.