KUALA LUMPUR, March 31 — In case you missed it, Malaysians travelling to Singapore can now use their preferred mobile banking or eWallet app to scan the Singaporean NETS QR code when making payments down south, with Singaporeans able to do the same when in Malaysia with our own DuitNow QR. Here’s a quick look at everything you need to know about the new cross-border QR payment system.

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What is it?

The Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) have now formally announced the launch of the cross-border QR code payment linkage between the two countries. This payment linkage will allow both Malaysians and Singaporeans to use their own local banking and eWallet services to scan both the Malaysian DuitNow QR and Singaporean NETS QR payment codes.

It’ll work for both in-person payments through the scanning of the physical QR code, as well as online cross-border e-commerce transactions. The DuitNow-NETS QR payment linkage comes as a result of the Project Nexus plan being carried out by BNM and Payment Network Malaysia Sdn Bhd (PayNet). The Malaysia-Singapore bilateral cross-border payment linkage becomes the third one Malaysians can use, following earlier payment linkages set up between Malaysia-Thailand and Malaysia-Indonesia.

According to BNM governor Tan Sri Nor Shamsiah Mohd Yunus, this cross-border QR payment linkage between Malaysia and Singapore is a significant step in building an Asean network of fast, efficient and interconnected retail payment systems. His Monetary Authority of Singapore counterpart Ravi Menon added that the linkage will also work to boost cross-border commerce and allow small businesses in particular to tap into a wider pool of consumers.

“The QR linkage between Malaysia and Singapore will benefit millions of commuters across the Causeway as well as business and leisure travellers. It will also be a boost to retail businesses in both countries.

“We will continue to work closely with our partners to accelerate our digitalisation agenda towards increased regional economic and financial integration,” said Tan Sri Nor Shamsiah Mohd Yunus, Bank Negara Malaysia governor

What banking apps and financial services are supported?

At the moment, Malaysian banks and financial services that you can use while in Singapore include: