Boost offers Thai tourists cashless payment convenience in Malaysia via DuitNow QR payments
By Digital News Asia December 8, 2022
- Service in collaboration with PayNet’s cross border payment network
- Cross-border QR payments for Indonesian & Singapore tourists in the works
Boost, a leading regional full-spectrum fintech arm of Axiata Group, and Payments Network Malaysia (PayNet), Malaysia’s national retail payments network infrastructure announced yesterday that Boost merchants can now accept cross-border payments from tourists from Thailand via its DuitNow QR, making it easier for them to make cashless payments in Malaysia. This is the first phase of a multi-country rollout planned with neighbouring countries Indonesia and Singapore in the works as well.
This will pave the way for Thai tourists to use their eWallets without the need to have Ringgit on hand. Tourists will only need to scan the Boost DuitNow QR code, which will recognize the user’s current location in Malaysia. The user will receive a request to put in the amount of their purchase in Ringgit, with an automatic conversion deducted from their home country eWallet. There is no change for Boost merchants who will receive payments in Ringgit. In 2019 Malaysian welcomed 1.8 million tourists from Thailand and is expecting 800,000 this year.
Participating Thai financial institutions are CIMB Thai, Siam Commercial Bank, Bangkok Bank, Krungthai Bank and Bank of Ayudhya.
Sheyantha Abeykoon (pic), Group CEO of Boost, said: “Today, we are excited to now offer this to regional tourists through our collaboration with PayNet’s extensive cross border payment network. 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 half a million Boost merchant touchpoints across the country. We aim to include cross-border QR payments acceptance to Indonesia and Singapore tourists alongside other regions within PayNet’s coverage in the coming months.”
Farhan Ahmad,Group CEO of PayNet, said, “We are delighted that our ecosystem participant, Boost, has paved the way for tourists from Thailand to make cross-border payments via DuitNow QR. 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. The multiplier impact from such enablement is immense. This is a very good start.”
Close to 200,000 Boost DuitNow QR merchants can be easily found at popular tourist hangouts around Malaysia such as Jalan Bukit Bintang, a shopping strip and food haven in Kuala Lumpur, Jonker Walk and Kota Syahbandar in Malacca, the independent art of Armenian Street along with foodie favourites such as the Chowrasta Market and Gurney Drive Food Street in Penang, and Sarawak Cultural Village in Santubong or Sibu Central and night markets, to name a few.
To encourage more merchants to digitalise and embrace the cashless way of doing business, Boost is currently working closely with the Jonker Walk Association in Malacca in a concerted effort to onboard even more merchants to offer tourists more shopping options.
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