Boost enables tourists from Thailand to make QR payments in Malaysia
By Leandra Monteiro
Boost, the regional FinTech arm of Axiata, and Payments Network Malaysia (PayNet), the country’s national retail payments network infrastructure announced that Boost merchants can now accept cross-border payments from tourists from Thailand via its DuitNow QR, making it easier for tourists to make cashless cross-border payments in the country.
This new seamless transaction feature will pave the way for tourists to use their eWallets to make payments without the need to have Ringgit on hand. Tourists will only need to scan the Boost DuitNow QR code, which will automatically recognize the user’s current location in Malaysia. The user will receive a request to put in the amount of their purchase in Malaysian Ringgit (MYR), and an automatic conversion will then be deducted from their home country eWallet accordingly. For Boost merchants, they will continue to accept payments in MYR.
In the first phase, this convenience will be made available to tourists from Thailand. Participating Thailand financial institutions mobile payments applications that can be used to scan the Boost DuitNow QR in Malaysia are CIMB Thai, Siam Commercial Bank, Bangkok Bank, Krungthai Bank and Bank of Ayudhya.
Sheyantha Abeykoon, Group CEO of Boost said, “At Boost, we have always been at the forefront of innovating our digital payments solutions to benefit our merchants and provide simplified payment options for local shoppers. 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 more than 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.”
Group CEO, PayNet, Farhan Ahmad shared, “Our role is to enable seamless, accessible and convenient digital payments in a safe, secure and efficient manner. This includes cross-border inter-operability of retail payments, particularly among ASEAN countries. 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 effects and impacts from such enablement is immense. This is a very good start.”
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March 24, 2023
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March 24, 2023