PayNet and it’s Singaporean counterpart NETS announced today the launch of a real-time cross-border payments using MyDebit ATM cards in Singapore and vice versa.
Currently, MyDebit cards are accepted through the NETS network of merchants at Bugis Village which is, other locations include selected iStudio, Pandora, SaladStop! and Awfully Chocolate outlets.
Since November 2018, Singapore consumers have been able to use their NETS ATM cards in Johor Bahru, marking the first time that NETS ATM cards can be used outside of Singapore. There are currently over 7,400 PayNet acceptance points for NETS ATM cards in Johor Bahru, Kuala Lumpur, Penang and Malacca.
Similarly, cardholders of MyDebit, Malaysia’s national debit card scheme which allows consumers to make point-of-sale payments using ATM cards, are able to do the same in Singapore.
Building on this collaboration, NETS and PayNet are also working to connect their respective real-time payment infrastructures to enable cross-border instant fund transfers and QR payments between Singapore and Malaysia.
Malaysia and Singapore have both launched their own version of national QR code standard, named DuitNow QR and SGQR respectively. Should the next in this partnership materialise, both Malaysian and Singaporean may soon be able to spend using their e-wallets in each other’s countries using a single QR code.
“NETS is excited to extend cashless payments to our ATM debit cardholders when they go to malls and tourist spots in Malaysia, as part of our regional plans to make overseas travel safe, seamless and convenient across corridors where Singapore travellers venture. 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,”
said Jeffrey Goh, Group CEO of NETS.
“We are also pleased to collaborate with PayNet to provide these benefits to Malaysian travellers, who can likewise use their MyDebit ATM cards for retail purchases in Singapore,”
Jeffrey added.
“We are delighted that PayNet’s MyDebit ATM cards can now be used in Singapore. Malaysians are among the most frequent visitors to Singapore either for business, work or leisure. To be able to freely use MyDebit ATMs not only provides the convenience to them 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,”
said Peter Schiesser, PayNet Group CEO.
