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DuitNow and PayNow? Linked by 2022

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DuitNow and PayNow? Fully linked by 2022

In case you did not know, any tt transaction in Malaysia takes seconds at maximum. Feel free to check how FAST the tt transfers are in the UK or the US yeah. 😛 Stop thinking we are slower yeah.

Anyway, the good news is not just we are faster. We will be even more faster internationally with at least one country for a start. Malaysia’s DuitNow and Singapore’s PayNow will be linked in 2022. This is very good news yeah. The more linked, the less need for any intermediate currency yeah… The more direct, the better.

It’s foolish to trade between two countries and instead of using the currency of either country, these two countries needed to use another currency. Currency is for trade! It’s not for other country to use so that they could trade with another country which has got nothing to do with that intermediate currency! (yes… kept printing money too. sigh…)

Coming back to this good news. Please do read the following:

Header Photo by Olya Kobruseva from Pexels

Article in nst.com.my  Bank Negara Malaysia and the Monetary Authority of Singapore (MAS) have today announced plans to start a phased linkage of Malaysia’s DuitNow and Singapore’s PayNow real-time payment systems.

In a statement today, Bank Negara said the project would enable more seamless payments for the high volume of remittances between Malaysia and Singapore, which reached RM4.2 billion in 2020.

“It will also cater to travellers between both countries, which saw sizeable pre-pandemic traffic of about 12 million arrivals yearly on average,” the central bank added.

Bank Negara assistant governor Fraziali Ismail said by bringing the efficiencies observed in domestic payments to cross-border payments, the DuitNow- PayNow linkage would be a game-changer resulting in faster, cheaper and more accessible payment services for the people of both countries. Do read the article in full yeah, with more details: Article in nst.com.my

If you like to know how extensive is DuitNow, read on.

 

Yes, all the banks are already supporting it and I use it every month to transfer money between bank accounts immediately and conveniently. Plus, there are NO CHARGES too. Even that kedai runcit nearby my house has this DuitNow app too. I walk there to buy eggs every 2 weeks. They have AA sized eggs and usually good priced too even though they are a kedai runcit. Do click on the below to know all the banks which are supporting DuitNow.

duitnow

Let’s hope more integration happens between ASEAN and not just Malaysia and Singapore. We need to move as a 660 million grouping moving forward yeah.

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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