Kuala Lumpur – On 22 June 2021, Bank Negara Malaysia and the Bank of Thailand announced the activation of a new QR‑code payment link that connects Malaysia’s DuitNow platform with Thailand’s PromptPay system. The initiative allows consumers and merchants in both countries to generate and settle instant payments using a common QR‑code format, aiming to cut transaction costs and simplify cross‑border commerce. The linkage was rolled out in three phases.
The first phase, completed in June 2020 and confirmed on Friday, linked the two real‑time retail payment networks so that Thai users can scan a DuitNow QR code and send funds to Malaysian merchants. This capability was initially designed for online e‑commerce transactions.
The second phase, slated for the fourth quarter of 2021, will enable Malaysian customers to use their domestic mobile payment apps to read Thai PromptPay QR codes and pay Thai merchants directly. The QR specification employed by Thailand will mirror the DuitNow standard, ensuring seamless interoperability. The final stage, projected for the last quarter of 2022, will introduce cross‑border settlement by phone number.
Once operational, users in either country will be able to transfer funds continuously by entering the beneficiary’s mobile number, further easing regular trade and personal transfers.
Strategic Objectives and Regional Significance
Bank Negara described the QR linkage as a cornerstone of the ASEAN Payment Connectivity agenda, which seeks greater monetary integration across the region. By speeding up payments, reducing fees and improving the user experience, the system is expected to support post‑pandemic economic recovery and foster a more resilient Southeast Asian market. Deputy Governor Datuk Abdul Rasheed Ghaffour highlighted that the new service will make cross‑border payments faster, cheaper and more inclusive.
He noted that small enterprises and travelers will benefit from lower costs and quicker settlement compared with traditional remittance channels.
Implementation Partners and Early Adoption
The pilot rollout involved two banks—Public Bank Berhad in Malaysia and SIMB Thai Bank in Thailand—which integrated the QR‑code functionality into their existing platforms. Payments Network Malaysia (PayNet) and Thailand’s National ITMX (NITMX) acted as the payment‑system operators, while CIMB Group banks served as settlement agents for transactions crossing the border.
These collaborations create a robust infrastructure capable of handling anticipated transaction volumes from both retail consumers and businesses. As additional banks join the network, the system’s reach will broaden, making it easier for Malaysian tourists to pay for goods in Thailand and for Thai visitors to do the same in Malaysia.
Future Outlook
Success hinges on ongoing coordination among regulators, technology providers and financial institutions to maintain security while expanding access. The QR‑code linkage represents a shift away from legacy payment methods that required physical presence or lengthy processing times, leveraging mobile technology to reduce friction in cross‑border trade. With the first phase now live and the next stages on schedule, the Malaysia‑Thailand QR payment bridge stands poised to become a key driver of regional financial integration, supporting businesses of all sizes and enhancing the digital economy across ASEAN.
