Malayan Banking (Maybank) has launched its cross-border quick response (QR) payment service. Now, customers traveling to Singapore, Indonesia and Thailand can make cashless and instant payment transactions via Maybank’s MAE app.
Maybank’s group chief executive officer of community financial services, John Chong said that the cross-border QR payment service is an essential feature that facilitates travel for Malaysians abroad, as well as tourists coming into Malaysia to conduct cashless payments through their respective country’s currency.
Chong went on to add that this update also serves as a key to improving efficiency while promoting the digital economy and financial inclusion in the ASEAN region.
“This is timely as we noticed the significant increase in technological demands among the public as they look for banking solutions that offer unprecedented speed and new levels of convenience while ensuring the safety and security of their transactions, especially post-pandemic,” he said.
Furthermore, Chong added that the QR payment linkage between Malaysia, Singapore, Indonesia and Thailand complements a growing network of bilateral payment interdependence that will contribute towards a more dynamic ASEAN and further development of the region.
Moreover, this update is also part of the group's M25+ strategy to strengthen its business presence and position in the region and for Malaysia to provide differentiated businesses and product solutions that are supported by the modernisation of Maybank's technological platforms and applications across its key markets.
Maybank is also in the works to roll out this payment feature across more countries soon.
Along with Maybank, Bank Negara Malaysia and the Monetary Authority of Singapore (MAS) also launched their own cross-border QR payment linkage, making for easier transactions between the two countries in March this year.
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