First phase will be for tourists from Thailand, with Indonesia and Singapore in the pipeline
KUALA LUMPUR, Malaysia, Dec. 6, 2022 /PRNewswire/ -- Boost, the leading regional full-spectrum fintech arm of Axiata, and Payments Network Malaysia (PayNet), the national retail payments network infrastructure announced today that Boost merchants in Malaysia can now accept cross-border payments from Thailand tourists via its DuitNow QR.
This new feature makes it easier for tourists to make cashless payments in the country with their own eWallets. Tourists will just need to scan the Boost DuitNow QR code, then receive a request to put in their purchase amount in Malaysian Ringgit (MYR). An automatic conversion will then be deducted from their country's eWallet.
In the first phase, this feature is currently available for Thai tourists via participating financial institutions mobile payments applications from CIMB Thai, Siam Commercial Bank, Bangkok Bank, Krungthai Bank and Bank of Ayudhya.
Sheyantha Abeykoon, Group CEO of Boost, said: "At Boost, we have always been at the forefront of innovating our digital payments solutions to benefit our merchants and provide simplified payment options for local shoppers. Today, we are excited to offer this to regional tourists through our collaboration with PayNet's extensive cross border payment network. This novel offering in the market will provide our merchants with an edge to widen their network of customers, while tourists can enjoy simplified transactions in their own currency. We aim to include cross-border QR payments acceptance to Indonesia and Singapore tourists alongside other regions within PayNet's coverage in the coming months."
According to Group CEO of PayNet, Mr Farhan Ahmad, "Our role is to enable seamless, accessible and convenient digital payments in a safe, secure and efficient manner. This includes cross-border inter-operability of retail payments, particularly among ASEAN countries. We are delighted that our ecosystem participant, Boost, has paved the way for tourists from Thailand to make cross-border payments via DuitNow QR. This convenience not only benefits the Malaysian tourism industry but also our micro-SMEs and other retailers, which in turn boosts economic activities and growth. The multiplier effects and impacts from such enablement is immense. This is a very good start."
Close to 200,000 Boost DuitNow QR merchants can be easily found at popular tourist hangouts around Malaysia such in Kuala Lumpur, Malacca, Penang, Sabah and Sarawak, to name a few.