Maybank or 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 enjoy the convenience of seamless and cashless payments through the MAE application.
Similarly, visitors from these countries can effortlessly make non-cash payments using Maybank QRPay merchants throughout Malaysia.
According to a Maybank representative, the new offering empowers Malaysian citizens visiting these countries with a more affordable, faster, and convenient payment option through the MAE application.
As borders reopen for quarantine-free travel, cross-border QR payments eliminate the need for currency exchange outlets and the hassle of carrying physical cash, and providing unmatched convenience for travelers.
Likewise, tourists visiting Malaysia can take advantage of cross-border QR payments by using their local banking applications at Maybank QRPay merchants nationwide, offering them added flexibility and convenience.
This presents a significant advantage for participating local merchants as it enables them to receive immediate payments in Malaysian Ringgit directly into their accounts from international tourists.
Maybank's Group Chief Executive Officer of Community Financial Services, Datuk John Chong, emphasized the bank's commitment to enhancing customer lives through value-added products and services, in line with their mission of Humanising Financial Services.
Chong further highlighted the importance of the cross-border QR payment service, which allows Malaysian travelers abroad to conveniently use the MAE application while facilitating non-cash payments by tourists visiting Malaysia using their respective home currencies.
Furthermore, this initiative aims to drive efficiency, promote the digital economy, and foster financial inclusion within the ASEAN region.
Chong stated that they have witnessed a significant surge in technology demand as communities seek banking solutions that prioritize speed, convenience, and transaction security, particularly in the post-pandemic era.
Additionally, the QR payment linkage between Malaysia, Singapore, Indonesia, and Thailand, have strengthens the growing network of bilateral payment interdependence, also contributing to a more dynamic ASEAN region and further regional development.
Maybank's QR payment service benefits over 8 million users of the Maybank app and more than 700,000 Maybank QRPay merchants in Malaysia, providing convenience and efficiency.
With approximately 3.5 million Malaysian tourists traveling to Singapore, Indonesia, and Thailand in 2022, Maybank aims to provide a reliable, seamless, and secure payment experience through their cross-border QR service.
The collaboration between Bank Negara Malaysia and Payments Network Malaysia Sdn Bhd has made this innovative payment solution possible. As part of Maybank's M25+ strategy to enhance its business presence and position in the region, this latest development is aimed at providing unique business offerings and product solutions in Malaysia.
These initiatives are supported by the modernization of Maybank's technological platforms and applications across its key markets, further strengthening the company's foothold in the industry. Maybank is actively working towards expanding the availability of this QR payment feature to additional countries in the near future, promising a transformative experience for global travelers.