Bank Negara Malaysia today announced the introduction of cross-border P2P payment support between Malaysia and Singapore, using DuitNow Malaysia and PayNow Singapore. The introduction of this feature is an extension of the cross-QR code payment support that was introduced in March 2023, but at that time only supported payments to merchants. This time, it is also extended to private users, on a P2P basis.
With this move, users can now send and receive funds up to RM3000 per day, or S$1000 per day. Currently, this cross-country delivery feature is supported for Maybank, CIMB and TNG Digital users. BNM stated that the introduction of this feature is gradual for all.
For TNG Digital (TNW eWallet) users, sending money to Singapore will be activated first, while receiving money (from Singapore to Malaysia) will be offered from December 2023.
Tags
BUSINESS & MONEY