DuitNow QR, the interoperable QR standard for real-time payments and funds transfers operated by Malaysia’s national payments network PayNet currently offers cross-border payments in Indonesia, Thailand and Singapore. Well, this cross-border feature may soon expand to the Philippines and Vietnam, as both countries’ respective central banks have joined the Regional Payment Connectivity (RPC) initiative.
Bank Negara Malaysia (BNM) today announced that Vietnam’s central bank, the State Bank of Vietnam (SBV) officially signed the Memorandum of Understanding on the Cooperation in Regional Payment Connectivity (MOU RPC). The signing ceremony took place on the sidelines of the 10th ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM) in Jakarta, Indonesia today.
Meanwhile, the Philippines’ central bank joined the MOU RPC when it was first initiated at the G20 Leaders’ Summit in November last year. However, unlike Thailand, Singapore and Indonesia, cross-border QR payments have yet to be implemented by the Philippines’ central bank.
The RPC initiative was established to strengthen and enhance collaboration on payment connectivity through the development of faster, cheaper, more transparent, and more inclusive cross-border payments. The cooperation encompasses several modalities, including QR-code and fast-payment-based cross-border payments.
The goal of the RPC is to make inter-country payments more seamless, convenient, and affordable, allowing individuals and businesses to conduct transactions across the ASEAN region with ease. With SBV’s inclusion today, there are now 6 ASEAN Central Banks that have officially joined RPC.
Hence, do expect DuitNow QR to be expanded to both the Philippines and Vietnam soon. Moreover, this would also mean that citizens from both countries can also use DuitNow QR while in Malaysia using their respective QR payment service providers similar to how Singaporeans, Thais and Indonesians are currently enjoying.
So, what do you guys think about the expansion of the RPC? Share your thoughts with us in the comments below and stay tuned to TechNave for more trending tech news.
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