Will Mobile Point Of Sale Benefit Cross-border QR Payment?
Recently, the central banks of Thailand and Malaysia rolled out a cross-border QR payment linkage in a bid to make consumers and merchants in both countries make and receive real-time cross-border payments. It was reported that the projects will integrate the real-time payment system of Malaysia’s RPP/DuitNow and Thailand’s PromptPay. Both country's users can use their mobile payment applications to make online cross-border e-commerce transactions, cross-border remittances, and real-time fund transfers by scanning relative QR codes, which will be made in three phases. l In the first phase, Thailand users can scan DuitNow QR codes to make payments to Malaysian merchants for online cross-border e-commerce transactions. l In the second phase, Malaysian users can scan Thai QR codes to make payments to Thailand merchants. It is expected to go live in the fourth quarter of 2021. l In the third phase, the cross-border remittance will b...