Maybank, aka Malayan Banking Bhd, has introduced a groundbreaking QR payment service for its customers traveling to Singapore, Indonesia and Thailand, revolutionizing cross-border transactions. Travelers can now benefit from the convenience of seamless and cashless payments through the MAE app.
Likewise, visitors from these countries can easily make cashless payments through Maybank QRPay merchants across Malaysia.
According to a Maybank representative, the brand new offer provides Malaysian residents visiting these countries with a less expensive, faster and more convenient payment option via the MAE app.
When borders reopen to permit quarantine-free travel, cross-border QR payments eliminate the necessity for currency exchange offices and the effort of carrying physical money, providing travelers with unrivaled convenience.
Similarly, tourists visiting Malaysia can enjoy cross-border QR payments using local banking apps at Maybank QRPay merchants across the country, providing them with added flexibility and convenience.
This is a major advantage for participating local sellers because it allows them to receive easy payments in Malaysian Ringgit directly into their accounts from foreign tourists.
Datuk John Chong, CEO of Maybank Group’s Community Financial Services, emphasized the bank’s commitment to improving customers’ lives through value-added services, consistent with its mission to humanize financial services.
Chong also highlighted the importance of the cross-border QR payment service, which allows Malaysians traveling abroad to conveniently use the MAE app while facilitating cashless payments for tourists visiting Malaysia of their home currencies.
Additionally, the initiative goals to extend productivity, promote the digital economy and support financial inclusion within the ASEAN region.
Chong said he has witnessed a major increase in demand for technology as communities search for banking solutions that prioritize speed, convenience and security of transactions, especially within the post-pandemic era.
Moreover, the QR payments link between Malaysia, Singapore, Indonesia and Thailand strengthens the growing network of bilateral payments interdependence, also contributing to a more dynamic ASEAN region and further regional development.
Maybank’s QR payment service is utilized by over 8 million Maybank app users and over 700,000 Maybank QRPay merchants in Malaysia for convenience and efficiency.
With roughly 3.5 million Malaysian tourists traveling to Singapore, Indonesia and Thailand in 2022, Maybank goals to supply reliable, seamless and secure payments through its cross-border QR service.
The collaboration between Bank Negara Malaysia and Payments Network Malaysia Sdn Bhd has enabled the launch of this progressive payment solution. As a part of Maybank’s M25+ technique to strengthen its business presence and position within the region, this latest development goals to supply unique business offerings and product solutions in Malaysia.
These initiatives are supported by the modernization of Maybank’s technology platforms and applications in key markets, further strengthening the corporate’s position within the industry. Maybank is actively working to expand the provision of this QR payment feature to additional countries within the near future, which guarantees a transformative experience for global travelers.
