News

Cards & Payments

Staff Reporter

, Singapore

Published:

2 years ago

1640 views

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 links for more news on

Monetary Authority of Singapore

PayNow, DuitNow linkage

Singapore real-time payments

Singapore, Malaysia link real-time payment systems

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