Staff Reporter

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1 year ago

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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.

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Monetary Authority of Singapore

PayNow, DuitNow linkage

Singapore real-time payments

Singapore, Malaysia link real-time payment systems

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