PETALING JAYA: With the Asean Payment Connectivity initiative in place, GHL Systems Bhd stands to benefit greatly when the borders reopen, as it has more than 383, 600 touch points across Asean in place to facilitate cross-border transactions.
Kenanga Research noted that Bank Negara has started to implement cross-border digital payment with Thailand, which allows Malaysian e-wallet users to scan Thai QR code and vice-versa (going live by the fourth quarter of 2021), and also cross-border digital transaction by referencing the recipient’s mobile number (going live by the fourth quarter of 2022).
This initiative will lead to a surge in digital payment volume when borders reopen, said the research unit.
BNM, BOT launch cross-border QR payment | Daily Express Online - Sabah s Leading News Portal
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Friday, 18 Jun 2021 12:53 PM MYT
The Bank Negara Malaysia logo is seen at its headquarters in Kuala Lumpur January 23, 2020. Picture by Ahmad Zamzahuri
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KUALA LUMPUR, June 18 Bank Negara Malaysia (BNM) and the Bank of Thailand (BoT) have launched a cross-border QR payment linkage between Malaysia and Thailand to enable consumers and merchants in both countries to make and receive instant cross-border QR code payments.
In a joint statement, the central banks said the project, which commenced in June 2020, will be implemented in three phases.
“Today marks the completion of the first phase in linking the real-time retail payment systems (RPP), namely DuitNow in Malaysia and PromptPay in Thailand,” they said.
Singapore-Thailand pact lets users send money cross-border via mobile number ZDNet 6 hrs ago © Provided by ZDNet
Singapore and Thailand have inked a bilateral agreement that enables users in both nations to transfer funds using the recipient s mobile number. The pact taps the respective country s peer-to-peer payment systems and is part of a regional payment initiative to ease cross-border payments.
The new partnership helped establish connectivity between Singapore s PayNow and Thailand s PromptPay platforms, to enable fund transfers of up to SG$1,000 ($753.4) or THB25,000 ($793.96) using mobile numbers. Touted as the first of its kind globally, the deal was the result of years of extensive collaboration between the two countries central banks, according to a joint statement released by the Monetary Authority of Singapore (MAS) and Bank of Thailand (BOT).
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