Axiata Group’s fintech arm Boost has partnered with the Payments Network Malaysia (PayNet), the national retail payments network infrastructure, to enable its merchants to accept cross-border payments from tourists from Thailand via its DuitNow QR.
Tourists will only need to scan the Boost DuitNow QR code, which will automatically recognise the user’s current location in Malaysia.
The user will receive a request to put in the amount of their purchase in Malaysian Ringgit (MYR), and an automatic conversion will then be deducted from their home country e-wallet accordingly.
There are close to 200,000 Boost DuitNow QR merchants at popular tourist hangouts around Malaysia and they will continue to accept payments in MYR.
In the first phase, this feature will be made available to tourists from Thailand.
Participating Thailand financial institutions that can scan the Boost DuitNow QR in Malaysia are CIMB Thai, Siam Commercial Bank, Bangkok Bank, Krungthai Bank and Bank of Ayudhya.
Boost added that it also aims to include cross-border QR payments acceptance to Indonesia and Singapore tourists alongside other regions within PayNet’s coverage in the coming months.
Sheyantha Abeykoon, Group CEO of Boost said,
“Today, we are excited to now offer this to regional tourists through our collaboration with PayNet’s extensive cross border payment network.
With the holiday season approaching, this novel offering in the market will provide our merchants with an edge to widen their network of customers, while tourists can enjoy simplified transactions in their own currency with close to more than half a million Boost merchant touchpoints across the country. ”
Farhan Ahmad, Group CEO of PayNet said,
“We are delighted that our ecosystem participant, Boost, has paved the way for tourists from Thailand to make cross-border payments via DuitNow QR.
This convenience not only benefits the Malaysian tourism industry but also our micro-SMEs and other retailers, which in turn boosts economic activities and growth.”
