8th December 2022 - 2 min read
Boost announced that its merchants can now accept cross-border payments from tourists from Thailand via the DuitNow QR code. Enabled through a partnership with Payments Network Malaysia (PayNet), this is expected to offer a more convenient way for merchants and tourists to transact digitally without needing actual currencies on hand.
In a statement, Boost explained that tourists from Thailand will only need to use their local e-wallets to scan the Boost DuitNow QR code, which will automatically recognise the user’s current location in Malaysia. They can then input the amount of their purchases (in MYR), and it will be automatically converted and deducted from their e-wallet accordingly. Malaysian merchants, on the other hand, will receive these payments in MYR.
Participating financial institutions in Thailand that are involved in enabling this functionality include CIMB Thai, Siam Commercial Bank, Bangkok Bank, Krungthai Bank, and the Bank of Ayudhya. Boost also shared that this convenience that has been made accessible to tourists from Thailand is part of its first-phase development; it hopes to extend the same capability to Indonesian and Singaporean tourists, alongside other regions within PayNet’s coverage, in the coming months.
Group chief executive officer of Boost, Sheyantha Abeykoon said that the company is constantly finding ways to innovate and simplify its digital payment solutions, thereby benefitting both merchants and users. “With the holiday season approaching, 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 with close to more than half a million Boost merchant touchpoints across the country,” he said.
Meanwhile, the group chief executive officer of PayNet, Farhan Ahmad said that this partnership has contributed to the company’s aim to enable a seamless and safe cross-border interoperability of retail payments, particularly among ASEAN countries. “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,” he said, adding that the multiplier effects and impacts from this will be immense.
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