Cross-Border QR Payments Hit RM967 Million In First Half Of 2025

Samuel Chua

9th September 2025 - 2 min read

Malaysians travelling abroad and foreign visitors in Malaysia made 11.8 million cross-border QR payment transactions in the first half of 2025. According to Federal Territories Minister Dr Zaliha Mustafa, these transactions were worth RM967 million.

The figure already surpasses the total recorded for the whole of 2024, when 11.7 million transactions worth RM860 million were processed. This trend reflects the wider adoption of digital payments across the country. The RinggitPlus Malaysian Financial Literacy Survey 2024 (RMFLS) found that 95% of Malaysians use at least one e-wallet, showing how deeply digital payments have become part of everyday life.

Transactions Across ASEAN, China, And Korea

Zaliha explained that these payments took place between Malaysia and several ASEAN countries, namely Cambodia, Indonesia, Singapore, and Thailand. Beyond the region, QR payment links have also been established with China and Korea.

These links were made possible through commercial arrangements between participating payment service providers, creating more seamless options for travellers and businesses. Supporting this trend, the RMFLS 2024 also found that 45% of Malaysians already have an account with at least one digital bank, while another 26% intend to open one soon.

Efforts To Harmonise Cross-Border Payments

Zaliha was responding to a question in the Dewan Negara from Senator Hatta Ramli, who raised concerns about Malaysia’s role in aligning cross-border payment systems given varying levels of digital readiness in ASEAN.

She said Bank Negara Malaysia is working closely with the central banks of three ASEAN countries as well as India under the Nexus Project. This initiative is designed to build a multilateral cross-border payment network that will reduce friction, improve efficiency, and lower transaction costs.

Although Malaysians are increasingly embracing digital payments, risks remain. RMFLS 2024 highlighted that 86% of Malaysians encountered potential scam or fraud attempts in 2024, underscoring the importance of strong safeguards as payment systems become more interconnected.

Nexus Project To Go Live In 2027

The Nexus Project is described as a next-generation payment initiative. It seeks to link domestic instant payment systems from around the world through a single connection to the Nexus platform.

According to Zaliha, the Nexus entity is expected to process its first live cross-border transactions in 2027. This timeline indicates that while progress has been made, the full benefits of a harmonised system will take effect gradually.

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