Public Bank customers can now make QR cross-border payments with Indonesia, Thailand

by BERNAMA / pic by BLOOMBERG

KUALA LUMPUR – Public Bank Bhd’s PBe QR service can now be used to make instant payments via DuitNow QR Cross Border Payment between Malaysia and both Indonesia and Thailand.

The bank said this would allow its customers traveling abroad to transact conveniently with merchants in Indonesia and Thailand using Public Bank’s mobile banking application — PB engage.

“(Meanwhile,) customers from Indonesia and Thailand can use their home countries’ banking accounts to pay merchants in Malaysia,” it said in a statement today.

Public Bank managing director and chief executive officer Tan Sri Tay Ah Lek said with the imminent opening of international borders by March, the convenience of using Cross Border Payment and DuitNow QR linkage with Indonesia and Thailand will further encourage economic activities with these nations.

The bank said this initiative is a new milestone since the country’s first DuitNow QR Cross Border Payment Acceptance in June 2021 for QR payments from Thailand, and subsequently Indonesia.

Tay said that the Cross Border QR Payment linkage will also further Public Bank’s efforts to provide greater financial inclusion as part of its environmental, social and governance (ESG) efforts.

“Businesses of all sizes, including micro, small and medium enterprises (MSMEs), can now accept payments efficiently and securely with cashless payments that are cost-effective.

“This will lower the barrier of doing business for MSMEs as ASEAN borders gradually reopen,” he said.

As for retail customers, apart from having a more convenient and safer option to make payment, they will also enjoy better foreign exchange rates. “Hence, customers will get better value from their spending, which contributes to a win-win solution for all,” he added.

In order to accelerate usage, Public Bank is waiving the transaction fees for both retail and its PBe QR merchants, including cross-border QR payments to and from Indonesia and Thailand, until Dec 31, 2022.