In a statement released today, BNM said both countries’ customers can now make retail purchases by scanning DuitNow QR and NETS QR codes, via the physical scanning of codes displayed by merchants, and via online e-commerce transactions.
The DuitNow QR-NETS QR linkage marks a key milestone in the ongoing collaboration between Malaysia and Singapore to enhance cross-border payments connectivity, and is in line with the Asean Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments.
In November 2022, the central banks of Malaysia, Singapore, Indonesia, Thailand and the Philippines signed a memorandum of understanding to strengthen and enhance cooperation on payment connectivity to support faster, cheaper, more transparent, and more inclusive cross-border payments.
“This is a significant step forward in realising the vision of an Asean network of fast, efficient and interconnected retail payment systems,” said BNM governor Shamsiah Yunus.
“The QR linkage between Malaysia and Singapore will benefit millions of commuters across the causeway as well as business and leisure travellers,” she added.
Prior to the pandemic, an average of 12 million people travel between Malaysia and Singapore annually.
Meanwhile, MAS managing director Ravi Menon said that the DuitNow-NETS QR code 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,” he said.
The DuitNow-NETS QR payment linkage became a reality through the strong collaboration of various entities from both countries, including Payments Network Malaysia Sdn Bhd, Network for Electronic Transfers (Singapore) Pte Ltd, the Association of Banks in Singapore, and multiple financial institutions.
In the next phase, BNM said both countries plan to expand the payment linkage to enable cross-border account-to-account fund transfers and remittances by year-end.
Users then will be able to make real-time fund transfers between Malaysia and Singapore conveniently using the recipients’ mobile phone number via DuitNow and PayNow.