CROSS-BORDER QR PAYMENTS BETWEEN MALAYSIA AND THAILAND IS NOW LIVE
KUALA LUMPUR, Dec 29 (Bernama) -- Cross-border QR Payments between Malaysia and Thailand is now available for travellers from both countries, enabling convenient instant payments using just their mobile phones.
Further to the joint announcement between central banks of both countries in June 2021, Payments Network Malaysia Sdn Bhd (PayNet) is pleased to announce the linkage with Thailand’s National ITMX has been completed and QR payments is now interoperable between both countries. Travellers between Malaysia and Thailand can opt to make e-payments using their respective home country’s interoperable QRs at participating merchants.
Paving the way for this collaboration to materialise is Public Bank Berhad, which became the first Malaysian bank together with Razer Merchant Services as the first merchant acquirer provider to participate in the linkage as well as Kasikornbank and Siam Commercial Bank from Thailand. More banks and merchant acquirer in both countries are expected to participate in the coming months. Malaysians travelling to Thailand can make payments at participating merchants in Thailand by simply launching the mobile banking or eWallet app to scan merchants’ QR code. Conversely, visitors from Thailand to Malaysia can do the same by scanning DuitNow QR standees to make payments at any participating merchants in Malaysia.
Khairuan Abdul Rahman, Director of Retail Payments Services of PayNet said, “We are delighted that this linkage would enable Malaysian travellers to tap into their Bank or eWallet mobile app to make QR payments in Thailand, making it among the earliest ASEAN countries to implement cross-border QR payments. We are confident regular visitors to Thailand either for business, work, or leisure, welcome the convenience in using QR for purchases in the country.
Moreover, businesses in Thailand stand to gain. The opposite applies for visiting Thai nationals to our country. We anticipate higher e-Payment adoption can be achieved between both countries, especially with more competitive exchange rates for cross-border purchases.”
Tan Sri Tay Ah Lek, the Managing Director of Public Bank added that “The Cross Border QR Payment linkage, apart from providing greater convenience to both businesses and retail customers for both countries, will also further the Bank’s efforts to provide greater financial inclusion as part of the Bank’s Environmental, Social and Governance (ESG) efforts. Businesses of all sizes, including Micro, Small and Medium Enterprises (MSMEs) can now accept payments from foreign tourists with the more efficient and secure options with cashless payments that are simple and cost-effective, lowering the barrier of doing business for MSMEs as ASEAN borders gradually reopen. Meanwhile, for retail customers, the QR payment linkage is an added option, providing secure mode of payments while offering better foreign exchange rates. Hence, customers will get better value from their spending, contributing to a win-win solution for all.”
"Razer Merchant Services is proud to be the first Merchant Acquirer to participate in this linkage and enable DuitNow Cross-Border QR for our online e-commerce and offline physical merchants. Together with PayNet, RMS aims to drive new payment product features for our merchants such as Doctor2U and merchants who expect high tourist volumes as travel restrictions continue to be relaxed. For example, Doctor2U's state-of-the-art Covid-19 screening facility at KLIA will be screening 45,000 travellers daily as borders start reopening and DuitNow Cross-Border QR Codes will be beneficial to them when accepting payments from foreign visitors into Malaysia." said Lee Li Meng, CEO of Razer Fintech.
This innovative approach towards cross border linkage of the financial sector will help establish an international link between merchants and customers in both countries. This will help accelerate the development of a healthier competitive market and boost regional and international economic activities. With plans of future linkages with other emerging economies in the ASEAN region, it opens the door for Malaysian industries and businesses to expand beyond our physical borders, contributing to Malaysia’s global trade.
Comments