New payment system accessible via VPA or mobile number
Singapore and Malaysia have ushered in a new era of seamless financial transactions with the launch of a groundbreaking real-time payment system. The collaboration between the Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) has resulted in the integration of Singapore’s PayNow and Malaysia’s DuitNow, enabling swift and convenient cross-border payments.
This innovative system builds upon the previously announced QR payment linkage, introduced on 31 March 2023. This facilitated cross-border QR payments to merchants.
Users can now effortlessly send and receive funds, up to S$1,000 or MYR3,000 daily, by simply using the recipient’s mobile number or Virtual Payment Address (VPA).
Initially, the service will cater to customers of selected financial institutions. In Singapore, users from Liquid Group, Maybank Singapore, OCBC, and UOB will have access, with plans to progressively include more bank partners by January 2024. Meanwhile, Malaysian customers can use the service through CIMB, Maybank, and TNG Digital, with other financial institutions slated to join in the near future.
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