September 27, 2021, 03:17 PM
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PayNow users in Singapore will soon be able to make real-time transfers to individuals in Malaysia in late 2022.
The Monetary Authority of Singapore (MAS) has announced plans to commence a phased linkage of Singapore's PayNow and Malaysia's DuitNow real-time payment systems, in a joint release by MAS and Bank Negara Malaysia (BNM).
High volume of remittances between the two countries
According to the release, the first phase of the PayNow-DuitNow linkage will be launched in the fourth quarter of 2022, which will allow customers of participating institutions to make real-time fund transfers between Singapore and Malaysia using a mobile number.
Customers will also be able to make retail payments by scanning NETS or DuitNow QR codes displayed at merchants' storefronts.
"The project will enable more seamless payments for the high volume of remittances between Singapore and Malaysia, which has reached S$1.3 billion in 2020. It will also cater to travellers between both countries, which saw sizeable pre-pandemic traffic of about 12 million arrivals yearly on average," said the joint release.
After the launch, MAS and BNM intends to progressively expand the PayNow-DuitNow linkage, to incorporate a wider range of features and participants.
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Top image via UOB and DuitNow.
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