Network for Electronic Transfers (NETS) and Payments Network Malaysia (PayNet) have launched real-time cross-border payment in Singapore and Malaysia.
The move will allow cross-border payment usage of NETS ATM cards in Malaysia, and Malaysia’s MyDebit ATM cards in Singapore.
Following a pilot in November 2018 which included 4,500 payment points in Johor Bahru, NETS is now extending its payment service to Kuala Lumpur, Penang and Malacca.
At present, there are more than 7,400 PayNet acceptance points for NETS ATM cards in Johor Bahru, Kuala Lumpur, Penang and Malacca.
In Singapore, 500 points will accept ATM cards under Malaysia’s MyDebit scheme.
NETS Group CEO Jeffrey Goh said: “Our partnership with PayNet will benefit not just Singapore shoppers who frequent Malaysia, but also retailers in Malaysia who can look to fuss-free payment collections and possibly higher spend by shoppers given the added convenience.”
PayNet Group CEO Peter Schiesser said to be able to freely use MyDebit ATMs not only provides the convenience to Malaysians but also benefits businesses in Singapore which translates into higher cashless cross-border transactions.
“This creates value to both Malaysians and Singaporeans. Best of all, there is no foreign exchange fees and the exchange rates are competitive.”
NETS and PayNet are also working to connect their respective real-time payment infrastructures for cross-border instant fund transfers and QR payments between Singapore and Malaysia.