E-payment has become an essential part of the daily lives of Malaysians, especially after the Covid-19 pandemic.
Besides using bank cards and internet banking transfers, Malaysians also often use QR code scanning through DuitNow QR. This system is connected to many other international payment systems such as NETS of Singapore, PromptPay of Thailand, and QRIS of Indonesia. It allows businesses in Malaysia and visitors from other countries to use local currency to make transactions through DuitNow QR.
Travelers from other countries can easily scan the DuitNow QR with their mobile banking apps or e-wallets to make instant payments while traveling in Malaysia. Conversely, when traveling abroad, Malaysians can make instant payments by scanning QR codes through similar banking apps and e-wallets.
For businesses, switching to e-payments can significantly reduce the risk of financial loss at a low cost. Business owners, especially small and micro businesses, do not need to spend time doing inventory or spend extra money to hire cashiers. Moreover, transaction data in the payment system helps businesses reduce time and human resources for accounting work.
Senior researcher at the Malaysian Institute of Economic Research (MIER) Dr Shankaran Nambiar said that some banks in Malaysia are trying to promote cross-border payments through digital methods. The Malaysian government has many agreements related to cross-border payments and Malaysian people can use local currency to pay in Singapore, Thailand, Indonesia, and India.