Cross-border payments between Singapore and Malaysia just got a huge boost, after the Republic’s NETS and Malaysia’s PayNet announced that their payment terminals can now accept each other’s cards.
This comes a year after NETS ATM card payments were first enabled overseas, in Johor Bahru.
With the announcement, NETS ATM cards can now be used in Malaysia across 7,400 PayNet acceptance points in Johor Bahru, Kuala Lumpur, Penang and Malacca – all popular cities for Singaporean tourists.
At the same time, Malaysia’s MyDebit ATM cards can also be used to make payments at 500 acceptance points in Singapore.
Currently, MyDebit cards are accepted through the NETS network of merchants at Bugis Village, and selected iStudio, Pandora, SaladStop! and Awfully Chocolate outlets.
According to PayNet Group CEO Peter Schiesser, transactions will be based on “competitive” exchange rates, and the payment providers will not charge any foreign exchange fees.
“To be able to freely use MyDebit ATMs not only provides the convenience to (Malaysian tourists in Singapore) but also benefits businesses in Singapore which translates into higher cashless cross-border transactions,” PayNet Group CEO Peter Schiesser said.
The companies said they will also look at enabling cross-border instant fund transfers and QR payments between Singapore and Malaysia in future.