China Construction Bank (Malaysia) (CCBM) has signed a Memorandum of Understanding (MoU) with Payments Network Malaysia (PayNet) for collaboration on real-time cross-border QR payments between Malaysia and China.
This will give more options for consumers and merchants in the cross-border payment space and serve as a key enabler to strengthen connectivity and financial integration.
Under this linkage, consumers and merchants in both countries will be able to make and receive instant payments as it allows Malaysians travelling to China to make payments to local merchants by scanning China Construction Bank Corporation’s merchants QR.
Meanwhile, Chinese tourists travelling to Malaysia are able to make purchases by scanning DuitNow QR via the China Construction Bank Corporation’s mobile app.
CCBM said that this collaboration, once materialised, represents a key milestone in the Malaysia – China payment connectivity initiative.
The bank said in a statement,
“Cross border QR payment will act as a catalyst and enabler for innovation in digital payments while dramatically improving the efficiency, cost-effectiveness, and timeliness of cross-border QR payments between two countries where consumers and businesses in both countries are expected to benefit from this initiative.
Under this collaboration, CCBM as the proposed settlement and QR correspondence bank would expect this to be a key milestone towards enabling more QR payment link between two countries with the vision of enabling Cross Border QR Payment to link with all QR payments in China one day.”
