NETS and PayNet Officially Launch Real-time Cross-border Payment in Singapore and Malaysia

Network for Electronic Transfers (NETS) and Malaysian central infrastructure for payment services, Payments Network Malaysia Sdn Bhd (PayNet) officially launched real-time cross-border payment usage of NETS ATM cards in Malaysia, and Malaysia’s MyDebit ATM cards in Singapore.

NETS in Singapore and JB (and some say KL)

NETS and Paynet Cross Border agreement ceremony

(From left to right) Edzuar Zar Ayob Azari, Director, Malaysian Tourism Board; Michael Kumar, PayNet Director, Card Services; Peter Schiesser, PayNet Group CEO; Jeffrey Goh, Group CEO, NETS; Ricky Lim, Interim Group CEO, NETS; Dawn Ng, Area Director, Malaysia and Brunei, Singapore Tourism Board

In April 2019, the joint statement by Tun Dr Mahathir Mohamed and Mr Lee Hsien Loong at the 9th Malaysia-Singapore Leaders’ Retreat articulated the goal of enabling cross-border domestic debit card acceptance between Malaysia and Singapore. With the launch today, this goal is now a reality.

Since November 2018, Singapore consumers have been able to use their NETS ATM cards in Johor Bahru, marking the first time that NETS ATM cards can be used outside of Singapore. There are currently over 7,400 PayNet acceptance points for NETS ATM cards in Johor Bahru, Kuala Lumpur, Penang and Malacca.

Similarly, cardholders of MyDebit, Malaysia’s national debit card scheme which allows consumers to make point-of-sale payments using ATM cards, are able to do the same in Singapore.

Currently, MyDebit cards are accepted through the NETS network of merchants at Bugis Village which is a favourite shopping haunt of Malaysian tourists. Other locations include selected iStudio, Pandora, SaladStop! and Awfully Chocolate outlets.

Building on this collaboration, NETS and PayNet are also working to connect their respective real-time payment infrastructures to enable cross-border instant fund transfers and QR payments between Singapore and Malaysia.