Singapore, Malaysia Launch Unified QR Code for Cross-Border Payment

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The central banks of Singapore and Malaysia on Friday launched a unified Quick Response (QR) code to enable cross-border retail payments between both countries. The code was created by linking Malaysia’s national QR code solution, DuitNow QR, with the NETS QR code operated by Singapore’s Network for Electronic Transfers Singapore Pte. Limited (NETS).

Usage of the code is currently limited to customers of financial institutions that have participated in the link, Bank Negara Malaysia (BNM), Malaysia’s central banker, announced on Friday without disclosing the participating institutions. However, the apex authority listed industry players such as Payments Network Malaysia Sdn. Bhd (PayNet), NETS, and the Association of Banks in Singapore, as industry players involved in the league.

The unified code will also allow in-person payments by scanning merchants’ physical QR codes to make payments between both countries. The code will also support online cross-border electronic transactions, Malaysia’s top financial regulator said.

Speaking on the launch, BNM noted that the link will be strengthened cross-border payments

Cross Border Payments

Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries. The concept of cross-border payment is not new however, despite its increase in importance in the 21st century. New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations. Cross-border payments is an essential term that refers to any transaction with companies of private individuals, bank.

Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries. The concept of cross-border payment is not new however, despite its increase in importance in the 21st century. New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations. Cross-border payments is an essential term that refers to any transaction with companies of private individuals, bank.
Read this Term connectivity

Connectivity

Connectivity is defined as a term used to connect devices to each other. In most cases, this refers to a computer network and more specifically includes bridges, routers, switches, gateways and service as well as local area networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on a new meaning with the growth of fintech and Big Data collection

Connectivity is defined as a term used to connect devices to each other. In most cases, this refers to a computer network and more specifically includes bridges, routers, switches, gateways and service as well as local area networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on a new meaning with the growth of fintech and Big Data collection
Read this Term between Singapore and Malaysia.

“With pre-pandemic annual traffic between the two countries averaging 12 million visitors, the payment link will provide merchants and consumers with a more seamless and efficient means of making and receiving payments,” explained BNM.

The top financial regulator further explained that the initiative demonstrates the dedication of both countries to improve the cost, speed and transparency of their cross-border payments in line with the Association of Southeast Asian Nations (ASEAN) Payment Connectivity Initiative and the G20 Roadmap to Improve a cross -limit Payments.

According to BNM, the central bankers intend to extend the cross-border payment to account-to-account remittances and remittances to empower users to make “real-time money transfers” between both countries. This feature will be designed to enable cross-border fund transfers with just the recipient’s mobile phone number, the Malaysian regulator noted, adding that it expects to complete this expansion by the end of this year.

“The QR link between Malaysia and Singapore will benefit millions of commuters across the Causeway as well as business and leisure travelers. It will also be a boost to retail businesses in both countries,” explained Tan Yunus, BNM Governor.

The central banks of Singapore and Malaysia on Friday launched a unified Quick Response (QR) code to enable cross-border retail payments between both countries. The code was created by linking Malaysia’s national QR code solution, DuitNow QR, with the NETS QR code operated by Singapore’s Network for Electronic Transfers Singapore Pte. Limited (NETS).

Usage of the code is currently limited to customers of financial institutions that have participated in the link, Bank Negara Malaysia (BNM), Malaysia’s central banker, announced on Friday without disclosing the participating institutions. However, the apex authority listed industry players such as Payments Network Malaysia Sdn. Bhd (PayNet), NETS, and the Association of Banks in Singapore, as industry players involved in the league.

The unified code will also allow in-person payments by scanning merchants’ physical QR codes to make payments between both countries. The code will also support online cross-border electronic transactions, Malaysia’s top financial regulator said.

Speaking on the launch, BNM noted that the link will be strengthened cross-border payments

Cross Border Payments

Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries. The concept of cross-border payment is not new however, despite its increase in importance in the 21st century. New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations. Cross-border payments is an essential term that refers to any transaction with companies of private individuals, bank.

Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries. The concept of cross-border payment is not new however, despite its increase in importance in the 21st century. New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations. Cross-border payments is an essential term that refers to any transaction with companies of private individuals, bank.
Read this Term connectivity

Connectivity

Connectivity is defined as a term used to connect devices to each other. In most cases, this refers to a computer network and more specifically includes bridges, routers, switches, gateways and service as well as local area networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on a new meaning with the growth of fintech and Big Data collection

Connectivity is defined as a term used to connect devices to each other. In most cases, this refers to a computer network and more specifically includes bridges, routers, switches, gateways and service as well as local area networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on a new meaning with the growth of fintech and Big Data collection
Read this Term between Singapore and Malaysia.

“With pre-pandemic annual traffic between the two countries averaging 12 million visitors, the payment link will provide merchants and consumers with a more seamless and efficient means of making and receiving payments,” explained BNM.

The top financial regulator further explained that the initiative demonstrates the dedication of both countries to improve the cost, speed and transparency of their cross-border payments in line with the Association of Southeast Asian Nations (ASEAN) Payment Connectivity Initiative and the G20 Roadmap to Improve a cross -limit Payments.

According to BNM, the central bankers intend to extend the cross-border payment to account-to-account remittances and remittances to empower users to make “real-time money transfers” between both countries. This feature will be designed to enable cross-border fund transfers with just the recipient’s mobile phone number, the Malaysian regulator noted, adding that it expects to complete this expansion by the end of this year.

“The QR link between Malaysia and Singapore will benefit millions of commuters across the Causeway as well as business and leisure travelers. It will also be a boost to retail businesses in both countries,” explained Tan Yunus, BNM Governor.

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