Singapore’s NETS, the Network for Electronic Transfers, has partnered with Malaysia’s PayNet, the Payments Network Malaysia Sdn Bhd to launch a real-time cross-border payments solution in the two countries.
This will expand usage of NETS ATM and MyDebit ATM cards across the border in KL, Penang and Malacca. NETS ATM cardholders were able to utilise their cards in Johor Bahru since November 2018.
Earlier in April 2019, Malaysia’s Tun Dr Mahathir Mohamed and Singapore’s Mr Lee Hsien Loong released a joint statement at the 9th Malaysia-Singapore Leaders’ Retreat stressing focus on cross-border domestic debit card acceptance in the two neighbouring countries.
NETS Group CEO Jeffrey Goh believes that the 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”. This move is also in line with “regional plan to make overseas travel safe, seamless and convenient” for Singaporean travellers.
Malaysian MyDebit cards are currently accepted the NETS network of merchants at Singapore’s Bugis Village shopping district.
“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 benefits businesses in Singapore which translates into higher cashless cross-border transactions,” said Peter Schiesser, PayNet Group CEO.
“Best of all, there is no foreign exchange fees and the exchange rates are competitive,” Schiesser stressed.
In the pipeline for the collaboration between NETS and PayNet are plans for cross-border instant fund transfers and QR payments in both Singapore and Malaysia.