JAPAN, 20/03/2024 (Asia News Channels) - In a significant step towards facilitating cross-border cashless transactions, Malaysians will be able to use PayNet’s DuitNow QR to make payments in Southeast Asian countries and Japan, starting in April 2025. This development comes as Japan announced its plans to make its QR code payment systems compatible with those in Southeast Asian countries, marking a move towards a more integrated, cashless payment infrastructure across the region.
Nikkei Asia reported that the initiative, expected to be implemented by fiscal 2025, aims to allow seamless cashless payments across borders without the need for currency exchange. The Japanese Ministry of Economy, Trade and Industry has been in talks with governments and central banks in Southeast Asia, including Indonesia and Cambodia, to bring this vision to fruition.
Japan, traditionally reliant on cash transactions despite its developed economy status, is transitioning towards a standardized QR code payment system, JPQR. This system enables payments through various service providers using a single, JPQR-based code, mirroring Malaysia's DuitNow QR approach.
Currently, DuitNow QR is operational in Thailand, Singapore, and Indonesia, thanks to collaborative efforts between governments and central banks within these regions. The forthcoming integration with Japan and additional Southeast Asian countries by 2025 is poised to further streamline the travel and transaction experience for Malaysians abroad, heralding a new era of convenience in international payments.
-- ASIA NEWS CHANNELS