17th February 2022 - 3 min read
Public Bank has officially enabled its PBe QR service for cross-border transactions between Malaysia with Indonesia and Thailand, allowing its customers to make instant DuitNow QR payments when transacting with merchants from both countries.
Specifically, Public Bank customers who travel to Indonesia or Thailand will now be able to conveniently pay for their purchases from local merchants by scanning their QR code using the PB engage mobile banking app. Similarly, visitors from Indonesia and Thailand will also be able to use their home countries’ banking accounts to perform transactions with Malaysian merchants.
“With the Malaysian government looking to open its international borders by March, the convenience of using Cross Border Payment and DuitNow QR linkage with both Indonesia and Thailand will further encourage economic activities with these nations,” said that managing director and chief executive officer of Public Bank, Tan Sri Tay Ah Lek.
Tan Sri Tay also said that this initiative marks yet another milestone for the bank, given that it was one of the earliest banks to participate in Malaysia’s DuitNow QR cross-border payment linkage with Thailand (first phase) back in June 2021. Public Bank was also part of the cross-border payment linkage with Indonesia that was activated in January 2022.
On top of that, Tan Sri Tay also highlighted that the cross-border QR payment linkage will advance Public Bank’s efforts to provide greater financial inclusion for both businesses and consumers, as part of its environmental, social, and governance (ESG) efforts.
“Businesses of all sizes – including micro, small, and medium enterprises (SMEs and MSMEs) can now accept payments efficiently and securely with cashless payments that are cost effective. This will lower the barrier of doing business for MSMEs as ASEAN borders gradually reopen. Meanwhile, for retail customers, apart from having a more convenient and safer option to make payment, they will also enjoy better foreign exchange rates,” said Tan Sri Tay, adding that the linkage will serve as a win-win solution for all parties.
Public Bank further said that it is waiving the transaction fees for both retail customers and its PBe QR merchants – including for cross-border QR payments to and from Indonesia and Thailand – from now until 31 December 2022.
Aside from the these QR payment linkage with Thailand and Indonesia, Malaysia is currently also working to create payment linkages with Singapore and the euro area. The linkage with Singapore is slated to begin in the fourth quarter of 2022, whereas the linkage with the euro area is in the proof-of-concept stage.
(Source: Public Bank)
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