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News

Five Southeast Asian countries to welcome linked QR code payments

Monday 18 July 2022 13:13 CET | News

The central banks of five Southeast Asian countries have agreed to link their payment systems by November 2022 to provide seamless transactions for travellers within the region.

The countries involved in the collaboration are Indonesia, Malaysia, the Philippines, Singapore, and Thailand, while the partnership will allow people to make purchases by using their won country’s app instead of a local app to make QR code payments.

Currently, the integration is incomplete as only three countries (Malaysia, Indonesia, and Thailand) are already interconnected and have enabled cross-border payments via QR codes. At the same time, Singapore and Malaysia have a pre-signed deal to link PayNow and DuitNow by the end of 2022. The Philippines has a similar cross-border deal with Singapore since 2021, with plans to expand the collaboration with Malaysia and Thailand.

QR code payments made through the ASEAN-based cross-border system will use local currency settlements between the country instead of the USD as an intermediary coin, allowing clients to pay less and get a better bang for their buck. 

Source: Link


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Keywords: cross-border payments, cross-border ecommerce, QR code, QR payments, mobile payments, partnership, central bank, regulation
Categories: Payments & Commerce
Companies:
Countries: Indonesia, Malaysia, Philippines, Singapore, South East Asia, Thailand
This article is part of category

Payments & Commerce

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