Did You Know
Did You Know
Singaporeans can now use their Nets ATM cards to make payments in Malaysia at more than 7,400 points across tourist and retail hot spots in Johor Baru, Melaka, Kuala Lumpur and Penang.
Likewise, Malaysia's PayNet MyDebit ATM cards can be used at about 500 spots in Singapore.
Nets and its Malaysian counterpart, PayNet, launched their cross-border payments service yesterday. They had embarked on a pilot last November, which saw an initial 4,500 points in Johor Baru accepting Nets payments.
Nets said yesterday that the use of these cards in Malaysia will not incur any currency conversion fees, and card holders will enjoy competitive exchange rates.
The e-payments provider has not made available a list of all the locations in Malaysia where Singaporeans can use their Nets cards, but said many of these shops can be found in popular shopping malls such as Sunway Pyramid in KL and Mahkota Parade in Melaka. Over 100 shops in JB City Square mall, where Nets held its launch event yesterday, accept Nets payments.
As they would in Singapore, consumers with Nets-enabled cards issued by Singapore banks - DBS/ POSB, OCBC and United Overseas Bank - will need to key in their personal identification number to make payments.
In Singapore, PayNet MyDebit ATM cards can be used at merchants in Bugis Village as well as selected iStudio, Pandora, SaladStop! and Awfully Chocolate outlets.
Nets group chief executive officer Jeffrey Goh said the tie-up is part of the drive for cashless cross-border payments in the Asean region.
"Singapore and Malaysia are the closest geographically and there are so many people going across the Causeway every day in both directions, so this was a logical starting point," he said.
Asean finance ministers and central bank governors had announced a framework to guide cross-border retail payments at a multilateral summit in April.
Nets' plan is to increase its number of merchants in Malaysia to 10,000 by early next year, and to 50,000 by mid-2021. Its payment mode is accepted at over 102,000 points in Singapore.
Mr Goh said the Nets cross-border payments service would afford greater convenience to a larger segment of Singaporeans, as "almost everyone in Singapore has a Nets card, while that might not be true for credit cards".
Singaporeans could be using their Nets cards in Thailand as early as next year too, with a cross-border tie-up in the works for cashless payments using QR codes.
The next stop for Nets is likely to be Indonesia, with the firm eventually looking to cement partnerships with more countries in the Asean market, Mr Goh said.
Entrepreneur Andrea Lim, 27, goes to Malaysia about once a month for weekend trips.
She said she pays with cash most of the time, as she does not frequent places like malls where cashless payment options are offered.
"But using Nets could be helpful for making higher value purchases, especially if the exchange rates are significantly better," she added.
"But I would need to test it out for myself before I am convinced."