KUALA LUMPUR (May 31): The Malayan Banking Bhd (Maybank) launched its cross-border QR payment service for users travelling to Singapore, Indonesia and Thailand.

In a statement, Maybank said Malaysian users can make cashless and instant payment transactions via the MAE application, providing a cheaper, faster and more convenient payment option.

Incoming tourists to Malaysia — whose banks are affiliated with the payment service providers — will also be able to make cashless payments with Maybank QRPay merchants in Malaysia using their local banking apps.

This greatly benefits local participating merchants, as it allows them to receive payments from tourists in Malaysian ringgit (MYR) into their accounts immediately, said Maybank.

Maybank added that the payment service was through a collaboration between Bank Negara Malaysia and Payments Network Malaysia Sdn Bhd (PayNet).

It is also in the works to roll out the feature across more countries soon.

Group chief executive officer, Community Financial Services Datuk John Chong said that in addition to providing convenience for tourists, it also serves to improve efficiency while promoting digital economy and financial inclusion in the Asean region.

“This is timely as we noticed the significant increase in technological demands among the public as they look for banking solutions that offer unprecedented speed and new levels of convenience while ensuring the safety and security of their transactions, especially post-pandemic.

“Furthermore, the QR payment linkage between Malaysia, Singapore, Indonesia and Thailand complements a growing network of bilateral payment interdependence that will contribute towards a more dynamic Asean and further development of the region,” he added.

It was also part of the group’s M25+ strategy to strengthen its business presence and position in the region, and for Malaysia to provide differentiated businesses and product solutions supported by Maybank’s technology.

On Tuesday (May 30), its shares closed one sen or 0.12% lower at RM8.59, valuing the bank at RM103.54 billion.