Singapore has person-to-person and person-to-merchant payment links with countries like Malaysia, China, Indonesia, India and Thailand.
SINGAPORE: As the number of visitors to Singapore continues rising post-pandemic, the Monetary Authority of Singapore is expecting more and higher-value cross-border payment transactions.
For instance, according to MAS, payments to Thailand – through the PayNow-PromptPay linkage – have quadrupled in the first quarter of this year compared with three years ago when the linkage was launched.Businesses are also looking to adopt such payment linkages, with one telling CNA that they have helped to defray increasing costs and keep their prices competitive.
Koufu can also pass down cost savings to its customers, thanks to QR code payment processing fees that are cheaper compared with transaction fees from major credit card companies. Up to 60 per cent of Koufu’s cross-border payments are through China’s WeChat and Alipay apps, Mr Chan said.While Singapore aims to extend cross-border payment systems to the rest of Southeast Asia, scaling up has proven to be a challenge.
It uses the linkage between PayNow and India’s Unified Payments Interface, or UPI, to directly pay micro and small business owners.
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