Singapore, Malaysia to link real-time payment systems PayNow, DuitNow

Remittances between the two countries reached S$1.3b in 2020.

The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) will commence the phased linkage of Singapore’s PayNow and Malaysia’s DuitNow real-time payment systems.

The project will reportedly enable more seamless payments for the high volume of remittances between Singapore and Malaysia, which reached S$1.3b in 2020. It also aims to cater to travellers between the two countries, which pre-COVID averaged 12 million arrivals per year.

The first phase of the PayNow-DuitNow linkage will roll out in the fourth quarter (Q4) of 2022, and will allow customers of participating financial institutions to make real-time fund transfers between Singapore and Malaysia using just a mobile number.

By Q4 2024, PayNow and DuitNow users will also be able to make retail payments by scanning NETS or DuitNow QR codes displayed at merchants’ storefronts.

Follow the link s for more news on

Monetary Authority of Singapore

PayNow, DuitNow linkage

Singapore real-time payments

Singapore, Malaysia link real-time payment systems

Also Read

APAC card payments markets to grow 4.3% to $24.7t in 2025

KakaoPay Corp’s profits may more than double market estimates by 2027

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit