NETS, PayNet launch cross-border debit payments service

The two are also working on cross-border instant fund transfers and QR payments.

NETS and Malaysian central payments services infrastructure PayNet have launched the real-time cross-border usage of ATM cards in Malaysia and Singapore, according to a press release.

With the launch, cross-border usage of Singapore’s NETS ATM cards and Malaysia’s national debit scheme MyDebit cards are now allowed. Singaporean NETS customers have been able to use their debit cards in Johor Bahru since November 2018. MyDebit cards are currently accepted through the NETS network of merchants at Bugis Village and selected iStudio, Pandora, SaladStop! And Awfully Chocolate outlets.

The two payments firms are also working on enabling cross-border instant fund transfers and QR payments.