SINGAPORE: As the number of visitors to Singapore continues to rise following the pandemic, the Monetary Authority of Singapore (MAS) expects more and higher-value cross-border payment transactions. The central bank reported “good growth” in using payment links that allow users to make QR code payments or PayNow transfers to other countries.
This means they can pay with their mobile phones, eliminating the need to visit a money changer or activate their credit cards before traveling.
For example, according to MAS, payments to Thailand via the PayNow-PromptPay linkage quadrupled in the first quarter of this year compared to three years ago when the linkage was launched.
Singapore currently has payment links with Malaysia, Indonesia, China, India, and Thailand. Customers can make cross-border payments to merchants using PayNow in Singapore and DuitNow in Malaysia.
From 2022 to 2023, the number of cross-border payments made using the NETS QR code at Koufu increased five-fold from about 20,000 to 100,000.
Koufu can also save money for its customers thanks to QR code payment processing fees that are cheaper compared with transaction fees from major credit card companies.
Businesses are also looking to implement such payment linkages, with one telling CNA that they have helped to offset rising costs and keep prices competitive.
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