A new partnership between Singapore’s NETS and Malaysia’s PayNet has resulted in something great for all shoppers—NETS card users can now be used on PayNet terminals and vice versa.
It’s fantastic news for Singaporeans who love to shop and dine in these four Malaysian cities—Johor Bahru, Kuala Lumpur, Penang and Malacca.
Cross-border payments between the two neighbouring countries have just gotten much easier with the latest arrangement between Republic’s NETS and Malaysia’s PayNet.
Not only will it improve the shopping experience greatly, but the announcement is also just in time for the biggest shopping season of the year—Christmas!
NETS ATM card payments were enabled overseas for the first time about a year ago, but only in Johor Bahru.
Singaporeans can now shop using their NETS ATM cards in Malaysia across 7,400 PayNet acceptance points in Johor Bahru, Kuala Lumpur, Penang and Malacca, cities which have proven to be popular destinations for Singaporean tourists.
It’s also good for Malaysians heading to Singapore for their shopping. All MyDebit ATM cards can now be used to make payments at 500 acceptance points in Singapore.
The current NETS network of merchants that now accepts MyDebit cards can be found at Bugis Village, and selected iStudio, Pandora, SaladStop! and Awfully Chocolate shops.
PayNet Group CEO Peter Schiesser said transactions will be based on “competitive” exchange rates, and the payment providers will not charge any foreign exchange fees.
“To be able to freely use MyDebit ATMs not only provides the convenience to [Malaysian tourists in Singapore] but also benefits businesses in Singapore which translates into higher cashless cross-border transactions,” Schiesser noted.
The collaboration between the two companies will not stop here. The next move they are looking at is to enable instant cross-border fund transfers and QR payments between Singapore and Malaysia. /TISG