Intelligent Issue 5 - Page 55



Boost , a leading regional fullspectrum FinTech arm of Axiata , and Payments Network Malaysia ( PayNet ), a national retail payments network infrastructure , have announced that Boost merchants in Malaysia can now accept cross-border payments from Thailand tourists via its DuitNow QR .

This new feature makes it easier for tourists to make cashless payments in the country with their own eWallets . Tourists will just need to scan the Boost DuitNow QR code , then receive a request to put in their purchase amount in Malaysian Ringgit ( MYR ). An automatic conversion will then be deducted from their country ’ s eWallet .
In the first phase , this feature is currently available for Thai tourists via participating financial institutions mobile payments applications from CIMB Thai , Siam
Commercial Bank , Bangkok Bank , Krungthai Bank and Bank of Ayudhya .
“ At Boost , we have always been at the forefront of innovating our digital payments solutions to benefit our merchants and provide simplified payment options for local shoppers ,” said Sheyantha Abeykoon , Group CEO of Boost . “ Today , we are excited to offer this to regional tourists through our collaboration with PayNet ’ s extensive crossborder payment network . This novel offering in the market will provide our merchants with an edge to widen their network of customers , while tourists can enjoy simplified transactions in their own currency . We aim to include cross-border QR payments acceptance to Indonesia and Singapore tourists alongside other regions within PayNet ’ s coverage in the coming months .”
Farhan Ahmad , Group CEO of PayNet , added : “ Our role is to enable seamless , accessible and convenient digital payments in a safe , secure and efficient manner . This includes cross-border inter-operability of retail payments , particularly among ASEAN countries . We are delighted that our ecosystem participant , Boost , has paved the way for tourists from Thailand to make cross-border payments via DuitNow QR . This convenience not only benefits the Malaysian tourism industry but also our micro-SMEs and other retailers , which in turn boosts economic activities and growth . The multiplier effects and impacts from such enablement is immense . This is a very good start .”
Boost DuitNow QR merchants can be easily found at popular tourist hangouts around Malaysia such in Kuala Lumpur , Malacca , Penang , Sabah and Sarawak , to name a few . � www . intelligentfin . tech