Cashless payments have been gaining popularity in Malaysia, and a recent development is set to boost this trend further. Singapore and Malaysia have launched a cross-border QR code payment linkage that is expected to increase the number of cashless transactions between the two countries.
This new payment system allows users to make instant transactions via their mobile phones. It is a more efficient payment method for smaller businesses as they can receive payments immediately without the need to wait for the funds to be transferred to their accounts.
The QR code payment option also benefits customers who can easily make small transactions without worrying about carrying excessive amounts of cash. With this payment system, they can simply scan the QR code and pay even for transactions involving just a few ringgit.
This development is a significant step forward in the digital payment landscape of both countries, and it is expected to promote economic growth by making cross-border transactions more accessible and convenient. It will also pave the way for other countries in the region to develop similar cross-border payment systems.