The banks stated that the project will be implemented in three phases.
In the first phase, users in Thailand can use their mobile payment apps to scan DuitNow QR codes to make payments to merchants in Malaysia, including for cross-border ecommerce transactions.
Under the second phase, which is expected to go live in Q4 of 2021, users in Malaysia will be able to use their mobile payment apps to scan Thai QR codes to make payment to merchants in Thailand.
Under the last phase, which is expected to go live in Q4 of 2022, the linkage is expanded to include cross-border remittances, where users in both countries will be able to make real-time fund transfers by referencing the mobile phone number of the recipient.
CIMB Thai Bank and Public Bank Berhad are the first two banks to participate in this endeavour and have started offering instant cross-border QR code payment services to their customers.
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