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E-payment more popular in Malaysia

E-payment has become an essential part of the daily lives of Malaysians, especially after the COVID-19 pandemic.
E-payment more popular in Malaysia ảnh 1Illustrative photo (Photo: thestar.com.my)

Kuala Lumpur (VNA)𒉰 – E-payment has become an essentialpart of the daily lives of Malaysians, especially after the COVID-19 pandemic.

Besides using bank cards and internet banking transfers,Malaysians also often use QR code scanning through DuitNow QR. This system isconnected to many other international payment systems such as NETS ofSingapore, PromptPay of Thailand, and QRIS of Indonesia. It allows businessesin Malaysia and visitors from other countries to use local currency to maketransactions through DuitNow QR. Travelers from other countries can easily scan the DuitNowQR with their mobile banking apps or e-wallets to make instant payments whiletraveling in Malaysia. Conversely, when traveling abroad, Malaysians can makeinstant payments by scanning QR codes through similar banking apps and e-wallets. For businesses, switching to e-payments can significantly reducethe risk of financial loss at a low cost. Business owners, especiallysmall and micro businesses, do not need to spend time doing inventory or spendextra money to hire cashiers. Moreover, transaction data in the payment systemhelps businesses reduce time and human resources for accounting work. Senior researcher at the Malaysian Institute of EconomicResearch (MIER) Dr Shankaran Nambiar said that some banks in Malaysia aretrying to promote cross-border payments through digital methods. The Malaysiangovernment has many agreements related to cross-border payments and Malaysianpeople can use local currency to pay in Singapore, Thailand, Indonesia, andIndia./.
VNA

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