Good news! You can now use DuitNow in Singapore to pay by code!
According to the news announced by the National Bank of Malaysia and the Monetary Authority of Singapore, DuitNow Malaysia and PayNow Singapore will collaborate to launch a real-time payment linkage system that will allow users to make cross-border payments.
The first phase of DuitNow and PayNow connectivity will be launched in Q4 2022, allowing customers of the relevant financial institutions to make real-time cross-border payments in either Malaysia or Singapore via their cell phones. Customers can simply scan the QR code of the store to make retail payments.
Currently, Malaysians need to exchange SGD when entering Singapore. Once DuitNow and PayNow are connected, Malaysians can use the DuitNow function launched by Bank Negara Malaysia to pay directly when spending in Singapore. This will save the hassle of exchanging SGD and may also provide a better exchange rate.
Similarly, Singaporeans will no longer need to exchange Malaysian dollars when entering Malaysia, but can directly use the PayNow software to pay for their purchases in Malaysia.
