Thai and Malaysian central banks roll out real-time cross-border QR payments • NFCW

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By Tom Phillips ^[2] • 23 June 2021 • Updated 23 June 2021 • nfcw.com ^[3]

Duitnow cross-border real-time QR code payments slide

Consumers from Thailand can now make instant cross-border QR code-based payments for goods and services to merchants in Malaysia from their mobile payments app using a service being launched by the Bank of Thailand ^[4] and Bank Negara Malaysia ^[5].

The two central banks have enabled the service by linking the real-time retail payments platforms DuitNow ^[6] in Malaysia and PromptPay ^[7] in Thailand and plan to let consumers from Malaysia make cross-border payments to merchants in Thailand by scanning a QR code with their mobile device later this year.

A third phase will allow users in both countries to make real-time cross-border fund transfers and is due to go live in 2022.

“Under the first phase, users in Thailand are now able to use their mobile payment applications to scan DuitNow QR codes^{to make payment to merchants in Malaysia, including for online cross-border e-commerce transactions,” the banks explain.“This service is expected to benefit more users in both countries when international travel resumes, as they can make payment using their mobile payment applications instead of using cash.}

Thai and Malaysian central banks roll out real-time cross-border QR payments • NFCW

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