Singapore, Malaysia Launch Unified QR Code for Cross-Border Payment
- However, cross-border payment is restricted to customers of participating institutions.
- Both countries plan to launch account-to-account fund transfers by end of the year.
The central banks of Singapore and Malaysia on Friday launched a unified Quick Response (QR) code to power cross-border retail payments between both countries. The code was created by linking Malaysia’s national QR code solution, DuitNow QR, with the NETS QR code operated by Singapore’s Network for Electronic Transfers Singapore Pte. Limited (NETS).
Usage of the code is currently limited to customers of financial institutions that participated in the linkage, Bank Negara Malaysia (BNM), Malaysia's central banker, announced on Friday without disclosing the participating institutions. However, the apex authority listed industry players, such as the Payments Network Malaysia Sdn. Bhd (PayNet), NETS and the Association of Banks in Singapore, as industry players involved in the linkage.
Additionally, the unified code will permit in-person payments via scanning of physical QR codes of merchants to make payments between both countries. In addition, the code will support online cross-border e-commerce transactions, the Malaysian top financial regulator said.
Central Bankers Eye Account-to-Account Remittance
Speaking on the launch, BNM noted that the linkage will boost cross-border payments Cross-Border Payments Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, bank Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, bank Read this Term connectivity Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Read this Term between Singapore and Malaysia.
“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,” BNM explained.
On top of that, the apex financial regulator explained that the initiative proves both countries' dedication to improving the cost, speed and transparency of their cross-border payments in line with the Association of Southeast Asian Nations (ASEAN) Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments.
According to BNM, the central bankers intend to extend the cross-border payment to account-to-account fund transfers and remittances in order to empower users to make “real-time fund transfers” between both countries. This feature will be designed to make cross-border fund transfer possible with only the recipient’s mobile phone number, the Malayasia regulator noted, adding that it expects to complete this expansion by the end of this year.
“The QR linkage between Malaysia and Singapore will benefit millions of commuters across the Causeway as well as business and leisure travelers. Furthermore, it will be a boost to retail businesses in both countries,” explained Tan Yunus, BNM’s Governor.
The central banks of Singapore and Malaysia on Friday launched a unified Quick Response (QR) code to power cross-border retail payments between both countries. The code was created by linking Malaysia’s national QR code solution, DuitNow QR, with the NETS QR code operated by Singapore’s Network for Electronic Transfers Singapore Pte. Limited (NETS).
Usage of the code is currently limited to customers of financial institutions that participated in the linkage, Bank Negara Malaysia (BNM), Malaysia's central banker, announced on Friday without disclosing the participating institutions. However, the apex authority listed industry players, such as the Payments Network Malaysia Sdn. Bhd (PayNet), NETS and the Association of Banks in Singapore, as industry players involved in the linkage.
Additionally, the unified code will permit in-person payments via scanning of physical QR codes of merchants to make payments between both countries. In addition, the code will support online cross-border e-commerce transactions, the Malaysian top financial regulator said.
Central Bankers Eye Account-to-Account Remittance
Speaking on the launch, BNM noted that the linkage will boost cross-border payments Cross-Border Payments Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, bank Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, bank Read this Term connectivity Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Read this Term between Singapore and Malaysia.
“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,” BNM explained.
On top of that, the apex financial regulator explained that the initiative proves both countries' dedication to improving the cost, speed and transparency of their cross-border payments in line with the Association of Southeast Asian Nations (ASEAN) Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments.
According to BNM, the central bankers intend to extend the cross-border payment to account-to-account fund transfers and remittances in order to empower users to make “real-time fund transfers” between both countries. This feature will be designed to make cross-border fund transfer possible with only the recipient’s mobile phone number, the Malayasia regulator noted, adding that it expects to complete this expansion by the end of this year.
“The QR linkage between Malaysia and Singapore will benefit millions of commuters across the Causeway as well as business and leisure travelers. Furthermore, it will be a boost to retail businesses in both countries,” explained Tan Yunus, BNM’s Governor.