Singaporean shoppers can now make Nets payments in KL, Penang and Melaka
SINGAPORE — Shoppers here will now be able to use their Nets ATM cards to make cashless payments at more locations across the Causeway.
Singapore’s Nets and Malaysia's PayNet jointly launched real-time cross-border payments for their cardholders on Friday (Nov 29).
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SINGAPORE — Shoppers here will now be able to use their Nets ATM cards to make cashless payments at more locations across the Causeway.
Singapore’s Nets and Malaysia's PayNet jointly launched real-time cross-border payments for their cardholders on Friday (Nov 29).
This means that shoppers here — who have been able to use their Nets cards in Johor Bahru since November 2018 — can now use them in Kuala Lumpur, Penang and Melaka.
There are now over 7,400 PayNet points for Singaporean shoppers across Malaysia.
In Singapore, Malaysian shoppers will be able to use their MyDebit cards in selected retailers, such as those in Bugis Village.
No foreign exchange fees will be charged for transactions, said PayNet’s group CEO Peter Schiesser, who added that exchange rates for the service would be competitive.
The tie-up comes after Singapore’s Prime Minister Lee Hsien Loong and his Malaysian counterpart Mahathir Mohamad announced in April a goal of enabling cross-border domestic debit card acceptance between the two countries.
Nets and PayNet added that they are working on making instant fund transfers and QR payments between the two countries a reality in the future.
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