Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) jointly launched a cross-border QR code payment system that allows customers of participating financial institutions to make retail payments by scanning DuitNow QR and NETS QR codes. This payment linkage will support both in-person payments through the scanning of physical QR codes displayed by merchants and online cross-border e-commerce transactions.

The DuitNow-NETS QR code payment linkage marks a significant step forward in the collaboration between Malaysia and Singapore to enhance cross-border payments connectivity. With pre-pandemic annual traffic between the two countries averaging 12 million visitors, this payment linkage will provide merchants and consumers with a more seamless and efficient means to make and receive payments. It aligns with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments, demonstrating both countries’ commitment to improving the cost, speed, access, and transparency of cross-border payments.

The initiative is a result of strong collaboration between various industry players from both countries, including Payments Network Malaysia Sdn. Bhd. (PayNet), Network for Electronic Transfers (Singapore) Pte. Ltd (NETS), the Association of Banks in Singapore, and participating financial institutions from both countries.

In the next phase, BNM and MAS plan to expand the payment linkage to enable cross-border account-to-account fund transfers and remittances, allowing users to make real-time fund transfers between Malaysia and Singapore conveniently using just the recipient’s mobile phone number via DuitNow and PayNow. The service is expected to go live by the end of 2023.

According to Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus, this payment linkage is a significant step forward in realizing the vision of an ASEAN network of fast, efficient, and interconnected retail payment systems. It will benefit millions of commuters and businesses in both countries and boost retail businesses’ growth. He also highlighted their commitment to accelerate their digitalization agenda for increased regional economic and financial integration.

Managing Director of the Monetary Authority of Singapore, Mr. Ravi Menon, emphasized that this QR code linkage between Singapore and Malaysia is a crucial milestone in ASEAN’s journey towards seamless regional payments connectivity, boosting cross-border commerce and enabling small businesses to tap into a wider pool of consumers.

Source: https://www.bnm.gov.my/-/qrcode-connectivity-my-sg

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SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.
SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.

With the integration of DuitNow QR, Setel users can now scan and pay at any retailer. Additionally, within a year, Setel users will be able to send and receive money through DuitNow, and create their own DuitNow QR to make money transfers to their e-wallet more convenient.

Mazlin Erawati Ab Manan, Chief Executive Officer of Setel, emphasized that the company is committed to meeting the demands of its customers by making the Setel app more convenient and inclusive for a wider range of customers. The integration with DuitNow QR is a clear demonstration of this commitment, as it expands the use of the Setel app to retail purchases and other needs.

Setel users will be rewarded with Mesra points for every payment made through DuitNow between March 30, 2023, and May 31, 2023. These points can be redeemed for fuel and other exciting rewards. Overall, the integration of DuitNow QR is a significant step for Setel in its mission to redefine mobility and provide a seamless payment experience for its users.

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DuitNow

DuitNow is a service that enables instant fund transfers between participating banks and e-wallets in Malaysia using just a recipient’s mobile number or National Registration Identity Card (NRIC) number. Here are some of the pros and cons of using DuitNow:

Pros:

1. Instant and convenient. DuitNow transactions are processed in real-time, meaning that recipients receive funds instantly. This makes it a convenient option for making urgent payments.
2. Secure. DuitNow transactions are highly secure, as they are authenticated using multiple layers of security, including mobile device verification, one-time passwords, and biometric authentication.
3. No need for bank account details. With DuitNow, users only need to provide a recipient’s mobile number or NRIC number to make a payment, eliminating the need for bank account details. This can be especially useful for small businesses and individuals who may not have a formal bank account.

Cons:

1. Limited availability. DuitNow is currently only available to users who have accounts with participating banks and e-wallets. This means that not all Malaysians can use the service.
2. Transaction limits. DuitNow transactions are subject to certain limits, which may vary depending on the user’s bank or e-wallet provider. This can be a drawback for businesses or individuals who need to make large payments.
3. Limited use cases. DuitNow is primarily designed for person-to-person (P2P) transfers, which means that it may not be suitable for all payment scenarios, such as online purchases or bill payments.

FPX

FPX is a payment gateway service that enables online banking customers to make real-time online payments using their savings, current, or credit card accounts. Example of payment gateway service such as eGHL, edxaPay, ToyyibPay, SenangPay or iPay88. Here are some of the pros and cons of using FPX:

Pros:

1. Wide acceptance. FPX is widely accepted by merchants in Malaysia, making it a convenient option for online shoppers. It is supported by most major banks, meaning that users can choose from a wide range of banks to make payments.
2. Secure. FPX transactions are highly secure, as they are authenticated using online banking credentials, such as a username and password or a security token.
3. Suitable for various payment scenarios. FPX can be used for a wide range of payment scenarios, including online purchases, bill payments, and charitable donations.

Cons:

1. Transaction fees. FPX transactions may be subject to transaction fees, which may vary depending on the user’s bank. This can be a drawback for users who want to avoid additional costs.
2. No instant payments. FPX transactions may take up to two working days to be processed, which means that recipients may not receive funds immediately.
3. Need for bank account details. With FPX, users need to provide their bank account details to make a payment, which may not be suitable for users who want to avoid disclosing their bank account information.

Conclusion:

In summary, both DuitNow and FPX are useful payment options for Malaysians, depending on their specific needs and preferences. DuitNow is ideal for P2P transfers, as it enables instant and secure payments without the need for bank account details. However, it may not be suitable for all payment scenarios and is subject to transaction limits.

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