The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) have launched a cross-border QR code payment linkage between Singapore and Malaysia. This payment linkage will allow customers of participating financial institutions to make retail payments by scanning NETS QR and DuitNow QR codes. It will support in-person payments through the scanning of physical QR codes displayed by merchants, and online cross-border e-commerce transactions.
The NETS-DuitNow QR code payment linkage is a key milestone in the ongoing collaboration between Singapore and Malaysia to enhance cross-border payment connectivity. 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. This initiative is a testament to both countries’ commitment to improve 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.Managing Director of the Monetary Authority of Singapore, Ravi Menon, said, “The NETS- DuitNow QR code payment linkage is the latest addition to Singapore’s growing set of cross-border payment linkages. These linkages will help boost cross-border commerce and enable our merchants, especially small businesses to tap on a wider pool of consumers. This QR code linkage between Singapore and Malaysia is an important milestone in ASEAN’s journey towards seamless regional payments connectivity.”
