This service is expected to benefit more users in both countries when international travel resumes
by SHAFIQQUL ALIFF/ pic by MUHD AMIN NAHARUL
Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) launched a cross-border QR payment linkage between both countries today.
This service is expected to benefit more users in both countries when international travel resumes, as they can make payments using their mobile payment applications instead of using cash.
“Today marks the completion of the first phase in linking the real-time retail payment systems of RPP/ DuitNow in Malaysia and PromptPay in Thailand and under this linkage, consumers and merchants in both countries will be able to make and receive instant cross-border QR code payments,” BNM said in a statement today.
“Under the first phase, users in Thailand are now able to use their mobile payment applications to scan DuitNow QR codes 2 to make payment to merchants in Malaysia including for online cross-border e-commerce transactions,” it added.
Under phase two, users in Malaysia will be able to use their mobile payment applications to scan Thai QR codes 3 to make payment to merchants in Thailand. This phase is expected to go live in the fourth quarter of the year.
Users in both countries will be able to make real-time fund transfers conveniently by referencing the mobile phone number of the recipient. This functionality is expected to go live in the fourth quarter of 2022.
BMN added that this collaboration represents a key milestone in the ASEAN Payment Connectivity initiative that promotes financial integration in the region through increased efficiency, reduced costs, and improved user experience for cross-border payments.