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On Friday, the central banks of Singapore and Malaysia launched a unified quick response (QR) code to enhance cross-border retail payments between the two countries. The code was distributed by DuitNow QR, Malaysia’s national QR code solution, to Singapore’s Network for Electronic Transfers Singapore Pte. Limited (NETS).
Use of the code is currently limited to customers of Bank Negara Malaysia (BNM), the central bank of Malaysia, the financial institutions that have joined the link. announced on Friday without disclosing the participating institutions. However, the highest authority listed industry players such as Payments Network Malaysia Sdn. Bhd (PayNet), NETS and the Association of Banks in Singapore are the industry players involved in the linkage.
The unified code also enables in-person payments by scanning a merchant’s physical QR code, enabling payments between the two countries. The code will also support online cross-border e-commerce, Malaysia’s top financial regulator said.
Speaking about the launch, BNM said linkage would boost cross border payments
cross border payments
Cross-border payments are transactions involving individuals, businesses, banks, or payment institutions operating in at least two different countries. However, the concept of cross-border payments is not new, despite its growing importance in the 21st century. The growth of blockchain has brought the term cross-border payments into everyday conversation. Cross-border payments is an important term that refers to any transaction involving a private company, bank, or bank.
Cross-border payments are transactions involving individuals, businesses, banks, or payment institutions operating in at least two different countries. However, the concept of cross-border payments is not new, despite its growing importance in the 21st century. The growth of blockchain has brought the term cross-border payments into everyday conversation. Cross-border payments is an important term that refers to any transaction involving a private company, bank, or bank.
With pre-pandemic annual traffic between the two countries averaging 12 million people, payment integration will provide merchants and consumers with a more seamless and efficient means of sending and receiving payments, explained BNM. Did.
The apex financial regulator further said the initiative will improve the cost, speed and transparency of cross-border payments, in line with the Association of Southeast Asian Nations (ASEAN) payment connectivity initiative and the G20 roadmap for strengthening cross-borders. He explained that it proves the dedication of both countries to the cause. -Payment at the border.
According to BNM, the central bank plans to extend cross-border payments to account-to-account fund transfers and remittances to allow users to perform “real-time fund transfers” between the two countries. The feature is designed to enable cross-border fund transfers with just the recipient’s mobile phone number, said Malaysian regulators, and plans to complete the expansion by the end of this year. added.
The QR Link between Malaysia and Singapore will not only benefit the millions of commuters crossing the Causeway, but also business and leisure travelers. , explained Tan Yunus, Governor of BNM.
On Friday, the central banks of Singapore and Malaysia launched a unified quick response (QR) code to enhance cross-border retail payments between the two countries. The code was distributed by DuitNow QR, Malaysia’s national QR code solution, to Singapore’s Network for Electronic Transfers Singapore Pte. Limited (NETS).
Use of the code is currently limited to customers of Bank Negara Malaysia (BNM), the central bank of Malaysia, the financial institutions that have joined the link. announced on Friday without disclosing the participating institutions. However, the highest authority listed industry players such as Payments Network Malaysia Sdn. Bhd (PayNet), NETS and the Association of Banks in Singapore are the industry players involved in the linkage.
The unified code also enables in-person payments by scanning a merchant’s physical QR code, enabling payments between the two countries. The code will also support online cross-border e-commerce, Malaysia’s top financial regulator said.
Speaking about the launch, BNM said linkage would boost cross border payments
cross border payments
Cross-border payments are transactions involving individuals, businesses, banks, or payment institutions operating in at least two different countries. However, the concept of cross-border payments is not new, despite its growing importance in the 21st century. The growth of blockchain has brought the term cross-border payments into everyday conversation. Cross-border payments is an important term that refers to any transaction involving a private company, bank, or bank.
Cross-border payments are transactions involving individuals, businesses, banks, or payment institutions operating in at least two different countries. However, the concept of cross-border payments is not new, despite its growing importance in the 21st century. The growth of blockchain has brought the term cross-border payments into everyday conversation. Cross-border payments is an important term that refers to any transaction involving a private company, bank, or bank.
read this term connectivity
connectivity
Connectivity is defined as the term used to connect devices to each other. Most often it refers to computer networking, and more specifically includes bridges, routers, switches, gateways, services, and local networks. Connectivity can be as simple as connecting your home or office to the Internet, or connecting your digital camera to your computer or printer. Connectivity in Finance Connectivity has taken on new meaning with the growth of fintech and big data collection.
Connectivity is defined as the term used to connect devices to each other. Most often it refers to computer networking, and more specifically includes bridges, routers, switches, gateways, services, and local networks. Connectivity can be as simple as connecting your home or office to the Internet, or connecting your digital camera to your computer or printer. Connectivity in Finance Connectivity has taken on 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 people, payment integration will provide merchants and consumers with a more seamless and efficient means of sending and receiving payments, explained BNM. Did.
The apex financial regulator further said the initiative will improve the cost, speed and transparency of cross-border payments, in line with the Association of Southeast Asian Nations (ASEAN) payment connectivity initiative and the G20 roadmap for strengthening cross-borders. He explained that it proves the dedication of both countries to the cause. -Payment at the border.
According to BNM, the central bank plans to extend cross-border payments to account-to-account fund transfers and remittances to allow users to perform “real-time fund transfers” between the two countries. The feature is designed to enable cross-border fund transfers with just the recipient’s mobile phone number, said Malaysian regulators, and plans to complete the expansion by the end of this year. added.
The QR Link between Malaysia and Singapore will not only benefit the millions of commuters crossing the Causeway, but also business and leisure travelers. , explained Tan Yunus, Governor of BNM.
