In today’s evolving digital landscape, the financial services industry is undergoing a significant transformation. Accelerated by the Covid-19 pandemic, we will be seeing a 42% increase in global volume for cashless payments from 2025 onwards. As such, we’re witnessing traditional modes of payment being replaced by innovative solutions. One such development is cross-border QR payments by DuitNow and it’s reforming the way Malaysians make transactions abroad in Southeast Asia.

Back in the day…

Travelling required exchanging currencies or using a credit card that incurred additional fees. Today? Travelling comes with absolute ease. For Malaysians, we can now utilise DuitNow’s QR payment in Indonesia, Singapore, and Thailand. On the flipside, travellers from aforementioned countries can also transact via QR payment in Malaysia. Accordingly, it’ll be with their own versions of DuitNow which is QRIS, NETS, and PromptPay respectively. Now, we can eliminate the need for cash, and travel with convenience, simplicity, and peace of mind. 

Furthermore, this payment revolution not only enables seamless transactions but it’s creating a network of interconnected payment ecosystems. That is to cater to the growing needs of a better payment experience. This collaborative nature amongst the countries marks a key milestone for us all!

How does it exactly work? 

If you’re a digital native, you would have already known how to utilise QR payments. However, for those who are not familiar, this is a quick breakdown on how it functions:-

Step 1: Use your device that is connected to a mobile banking service or e-wallet to scan the QR code displayed at the merchant’s location. 

Step 2: The payment amount is then deducted from your bank account or e-wallet balance.

Step 3: Transactions made from the QR payment will be converted into your home country’s currency (i.e. Ringgit Malaysia, MYR, if you’re Malaysian). Amount will be at the exchange rate set by PayNet based on the transaction date.

It’s truly that easy! 

How does this affect businesses? 

Additionally, one of the remarkable aspects of cross-border QR payments is the compatibility and connectivity between the countries. Prior to the pandemic, the annual traffic between Malaysia and Singapore was averaging at 12 million visitors. Between Malaysia and Indonesia? We were looking at an average of 5.6 million arrivals annually. Payment linkages will further increase the number of visitors as their travelling experiences are enhanced due to seamless and convenient payments. Moreover, cross-border payment highlights not only an established partnership but also the power to drive economic growth. Since there is reduction in cash handling and improved efficiency, it will help open up opportunities for businesses. It’s foreseeable that it will increase sales and reach into a new customer base.

What about consumers? 

In a nutshell, cross-border payments would mean a faster and better transaction journey. No longer do customers need to worry about carrying large sums of cash, exchanging currencies, and having leftover foreign currency unused. Just a simple scan abroad can effortlessly settle your purchase. 

As we venture into a more interconnected world, it is crucial for travellers to embrace the convenience of cross-border QR payments. By adopting this transaction method, Malaysians can truly experience hassle-free payments. So, the next time you plan your trip to Indonesia, Singapore, or Thailand – remember to explore the possibilities of QR payments! 

Safe travels and happy scanning!