Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) launched a cross-border QR payment linkage between Malaysia and Thailand. Under this linkage, consumers and merchants in both countries will be able to make and receive instant cross-border QR code payments.
The project that commenced in June 2020 will be completed in three phases
Under the first phase, users in Thailand are now able to use their mobile payment applications to scan DuitNow QR codes2 to make payment to merchants in Malaysia including for online cross-border e-commerce transactions.
Under phase two, users in Malaysia will be able to use their mobile payment applications to scan Thai QR codes3 to make payment to merchants in Thailand.
The last phase of the linkage will be expanded to include cross-border remittance. Users in both countries will be able to make real-time fund transfers conveniently by referencing the mobile phone number of the recipient.
Datuk Abdul Rasheed Ghaffour, Deputy Governor of BNM, said:
“The retail payment linkage will enhance the efficiency and convenience of cross-border payments by providing users with faster, cheaper, and more inclusive payment arrangements. This will give more options for consumers and merchants in the cross-border payment space and serve as a key enabler to strengthen regional connectivity and financial integration.”
Ronadol Numnonda, Deputy Governor of the BOT said:
“The BOT recognises the significance of cross-border payment system linkages and has continuously pursued such initiatives. This connectivity builds on our domestic payment infrastructure which will facilitate cross-border retail payment activities between the two countries during and after the pandemic. More importantly, it will also facilitate the cross-border trade and e-commerce, thus contributing to economic growth and digitalisation.”
