The real-time payment system linkage between Malaysia’s DuitNow and Singapore’s PayNow lets users transfer funds instantly and securely.
Malaysians can now use DuitNow in Singapore and vice versa!
This comes after Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) officially linked Malaysia’s DuitNow and Singapore’s PayNow real-time payment systems.
This enables users of DuitNow and PayNow to transfer funds instantly and securely between the two countries by using the recipient’s phone number or Virtual Payment Address (VPA).
VPA is an identifier used by Singapore non-bank financial institutions uniquely linked to a person’s bank account.
For now, users can send and receive funds up to RM3,000 or S$1,000 daily.
According to the New Straits Times, the real-time payment systems linkage is the first to include the participation of non-bank financial institutions from both countries, providing access to a broader group of users.
For Malaysian users, this service will first be available for all Malayan Banking Bhd, CIMB, and Touch ‘n Go Digital users. Other financial institutions will be gradually onboarded soon.
For Singaporean users, this service is available for customers of Liquid Group, Maybank Singapore, OCBC Bank, and United Overseas Bank in phases.
These institutions will progressively increase the number of eligible user groups from today until the end of January 2024.