Eileen Yu
for By The Way
| September 27, 2021
| Topic: Banking
Singapore will next link up its national real-time payment system, PayNow, to Malaysia’s equivalent infrastructure DuitNow, just weeks after announcing similar plans with India. The latest tieup will enable residents in the two neighbouring nations to make fund transfers via their mobile numbers.
The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) said in a joint statement Monday that efforts to link their payment systems would be rolled out in stages, with the first phase to kick off in the fourth quarter of 2022.
Apart from transferring funds using a mobile number, consumers in either countries would be able to pay for their purchases by scanning Singapore’s NETS or Malaysia’s DuitNow QR codes displayed at merchants’ stores.
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Asean
Eileen Yu
for By The Way
| September 27, 2021
| Topic: Banking