Malaysia: Maybank Introduces Cross-Border QR Payment Service

Maybank recently launched its cross-border QR payment service for Maybank customers travelling to Singapore, Indonesia, and Thailand as they can now make cashless and instant payment transactions via the MAE app.

Similarly, incoming tourists from these countries “will also be able to make cashless payments with Maybank QRPay merchants in Malaysia.”

The new offering will “enable Malaysians visiting the respective countries to enjoy a cheaper, faster and more convenient payment option through the MAE app.”

With borders reopening for quarantine-free travels, cross-border QR payments “offer travelers the ease to skip trips to money changers and carry cash altogether.”

Similarly, tourists visiting Malaysia “whose banks are affiliated with the payment service providers can also benefit from cross-border QR using their local banking apps at Maybank QRPay merchants nationwide.”

This greatly benefits local participating merchants, “as it allows them to receive payments from tourists in Malaysian Ringgit (MYR) into their accounts immediately.”

Dato’ John Chong, Group CEO, Community Financial Services said “that Maybank’s intent has always been to create products and services that will provide value and improve the lives of its customers, in line with its purpose of Humanising Financial Services.”

The cross-border QR payment service is “an essential feature that will facilitate Malaysian travellers’ abroad via the MAE app, as well as tourists coming to Malaysia to conduct cashless payments through their respective country’s currency.”

It also serves as “a key to improving efficiency while promoting the digital economy and financial inclusion in the ASEAN region.”

As noted in the update:

“This is timely as we noticed the significant increase in technological demands among the public as they look for banking solutions that offer unprecedented speed and new levels of convenience while ensuring the safety and security of their transactions, especially post-pandemic. Furthermore, the QR payment linkage between Malaysia, Singapore, Indonesia and Thailand complements a growing network of bilateral payment interdependence that will contribute towards a more dynamic ASEAN and further development of the region.”

This is also “part of the Group’s M25+ strategy to strengthen its business presence and position in the region and for Malaysia to provide differentiated businesses and product solutions supported by the modernisation of Maybank’s technological platforms and applications across its key markets.”

Maybank’s QR payment service will “provide convenience for more than 8 million Maybank app users and benefit over 700,000 Maybank QRPay merchants in Malaysia.”

Approximately 3.5 million Malaysian tourists “travel to Singapore, Indonesia and Thailand in 2022 alone and with the introduction of Maybank’s cross-border QR payment service, the Group aims to provide them with a reliable service that is seamless and secure.”

The Bank’s cross-border QR payment service is “made possible through the collaboration between Bank Negara Malaysia and Payments Network Malaysia Sdn Bhd (PayNet). Maybank is also in the works to roll out this payment feature across more countries soon.”

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