Singapore and Malaysia’s central banks have announced a new payment linkage that allows for seamless real-time fund transfers for users on both ends of the Causeway.
With the new feature, users in Singapore and Malaysia can transfer funds using the PayNow and DuitNow systems respectively.
Consumers of participating financial institutions will be able to receive and send funds of up to S$1,000 — or RM3,000 — simply by using one’s mobile number or virtual payment address (VPA).
The Monetary Authority of Singapore and Bank Negara Malaysia jointly announced the new payment linkage system via a press release on Friday (17 Nov).
With the new feature, PayNow and DuitNow users can make real-time person-to-person (P2P) fund transfers to other users across the Causeway.
Source: Fintech News
For now, the service will be available to Singapore customers of the following financial institutions:
The institutions will gradually increase the number of eligible user groups from now till end-Janurary 2024.
Meanwhile in Malaysia, the feature will be first available to all CIMB, Maybank, and TNG Digital users.
Source: The Malaysian Reserve
According to the central banks, consumers of the participating financial institutions can now send and receive funds of up to S$1,000 or RM3,000.
To make the transactions, users only require the recipients’ mobile phone numbers or their Virtual Payment Address (VPA).
The new payment linkage comes several months after the launch of cross-border QR payments back in March.
This allowed travellers to pay merchants in Singapore and Malaysia by scanning a QR code.
In contrast to the earlier-announced feature which allowed for person-to-business (P2B) transactions, the latest linkage allows for transactions between individuals.
Also read: PayNow To Link With M’sia’s DuitNow For Easier Fund Transfers Using Mobile Numbers
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Featured image adapted from Fintech News and Kosmo Digital.
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