Singaporeans and Malaysians now have one more payment option for their trips across the causeway.
Singapore’s Network for Electronic Transfers (NETS) and Malaysian central infrastructure for payment services, Payments Network Malaysia Sdn Bhd (PayNet) just announced the official launch of a real-time cross-border payment usage of NETS ATM cards in Malaysia, and Malaysia’s MyDebit ATM cards in Singapore.
Since Nov 2018, Singaporeans have been able to use their NETS ATM cards in selected points in Malaysia.
There were over 4,500 NETS acceptance points in Malaysia then.
A NETS spokesperson also mentioned then that PayNet cards would be accepted on NETS’ networks in Singapore in 2019.
Currently, there are over 7,400 PayNet acceptance points for NETS ATM cards in Johor Bahru, Kuala Lumpur, Penang and Malacca.
With the partnership, NETS ATM cardholders in Singapore can now use their cards at these points in Malaysia.
Said Jeffrey Goh, Group CEO of NETS: “Our 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 given the added convenience.”
“We are also pleased to collaborate with PayNet to provide these benefits to Malaysian travellers, who can likewise use their MyDebit ATM cards for retail purchases in Singapore.”
Added Peter Schiesser, PayNet Group CEO: “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 also benefits businesses in Singapore which translates into higher cashless cross-border transactions. This creates value to both Malaysians and Singaporeans.”
Best of all, there is no foreign exchange fees and the exchange rates are competitive.
NETS and PayNet are also said to be working to “connect their respective real-time payment infrastructures” and eventually enable cross-border instant fund transfers and QR payments between Singapore and Malaysia.