The first phase of the DuitNow-PayNow linkage will be launched in the fourth quarter of 2022 and will allow customers of participating financial institutions to make real-time fund transfers between Malaysia and Singapore using a mobile number, BNM said in a statement today.
Customers will also be able to make retail payments by scanning DuitNow or NETS QR codes displayed at merchants’ storefronts. Following the launch, BNM and MAS will progressively expand the DuitNow-PayNow linkage to incorporate a wider range of features and participants.
Both regulators will also explore the feasibility of integrating features such as distributed ledger technology-based solutions to catalyse efficiencies in payments clearing and settlement between participating banks.
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