Bank Negara Malaysia (BNM) and Bank of Thailand have introduced a cross-border QR payment link that enables consumers and merchants in both countries to send and receive payments instantly across borders using a QR code.
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Bank of Thailand (BoT) deputy governor Ronadol Numnonda said the bank recognizes the importance of cross-border payment links and has consistently pursued such initiatives. The project is planned in three phases. The first phase, which started on Friday, linked real-time retail payment systems from the Retail Payments Platform (RPP) / DuitNow in Malaysia and PromptPay in Thailand.

In the first phase, users in Thailand will be able to use their mobile payment applications to scan DuitNow QR codes to make payments to merchants in Malaysia, including online transactions. Phase two, users in Malaysia will be able to use mobile payment apps to scan Thai QR codes to make payments to merchants in Thailand. This phase is scheduled to begin in the fourth quarter of this year.
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RPP and PromptPay are fast payment systems that send payments instantly to a recipient’s account. DuitNow QR is Malaysia’s national QR solution, with which merchants can accept payments from customers with participating banks and e-wallet operators via a standardized QR code. (NNT)

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