What are the benefits of the DuitNow-PayNow linkage for Malaysian and Singaporean users?

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DuitNow-PayNow Linkage Offers Enhanced Cross-Border Payment Benefits

The DuitNow-PayNow linkage facilitates instant, secure, and cost-effective peer-to-peer fund transfers and remittances between Malaysia and Singapore. This real-time payment system offers significant advantages for individuals and small businesses, fostering shared growth and prosperity while laying the groundwork for expanded regional payment networks. Consumers can now send and receive funds up to RM3,000 or S$1,000 daily by utilizing the recipient's mobile phone number or virtual payment address.
Cost-Effectiveness and Accessibility for Users

Users of the DuitNow-PayNow linkage will experience notable benefits in terms of cost-effectiveness, inclusivity, and accessibility. The system aims to reduce the fees typically associated with cross-border transactions, making it a more economical option for sending money between Malaysia and Singapore. This increased accessibility ensures that a broader range of users, including those in underserved segments, can participate in and benefit from seamless international fund transfers.
Facilitation of Peer-to-Peer Transfers and Remittances

The core function of the DuitNow-PayNow linkage is to enable instant, secure, and cost-effective peer-to-peer fund transfers and remittances. This direct exchange of funds between individuals in both countries is designed to be faster and more efficient than traditional methods. In 2022 alone, peer-to-peer and remittance transactions between Malaysia and Singapore reached a substantial RM7.8 billion or S$2.3 billion, highlighting the demand for such services.
Support for Cross-Border QR Payments

Beyond direct fund transfers, the DuitNow-PayNow linkage also supports cross-border QR payments to merchants. This feature allows consumers to make payments to businesses in the respective countries using QR codes, further enhancing the convenience and utility of the system. This capability extends the benefits of the linkage to commercial transactions, simplifying the process of purchasing goods and services across the border.
Foundation for Scalable Regional Payment Networks

The DuitNow-PayNow linkage represents a significant step towards establishing scalable cross-border payment networks not only between Malaysia and Singapore but also across the broader Asean region. This initiative is aligned with the Asean Payment Connectivity Initiative and contributes to the G20 Roadmap for Enhancing Cross-border Payments, signalling a commitment to greater financial integration and efficiency in Southeast Asia. The participation of non-bank financial institutions from both countries further broadens access and strengthens this regional framework.

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What are the benefits of the DuitNow-PayNow linkage for Malaysian and Singaporean users?

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