NETS and PayNet, Malaysia’s payment service infrastructure, officially launched real-time cross-border payment today (Nov. 29).
NETS now available in several major cities
This means you can now use your NETS ATM cards in Kuala Lumpur, Malacca, and Penang.
This is in addition to Johor Bahru, where NETS has been available since November 2018.
According to a NETS press release, there are currently more than 7,400 NETS acceptance points in the four cities.
This is up from 4,500 points previously, when NETS was only available in Johor Bahru.
The list of merchants that accept NETS (as of Nov 15, 2019) is available here.
Customers can also look out for the NETS logo to know if a merchant accepts NETS.
No conversion fees
All payments using NETS in Malaysia will be converted into Malaysian Ringgit from Singapore Dollars, according to the prevailing exchange rate.
Customers can rest easy knowing that there will be no additional currency conversion fees.
Jeffrey Goh, NETS group CEO, explained NETS’ desire to make the cross-border shopping experience smoother:
“NETS is excited to extend cashless payments to our ATM debit cardholders when they go to malls and tourist spots in Malaysia, as part of our regional plans to make overseas travel safe, seamless and convenient across corridors where Singapore travellers venture.”
Malaysians can use MyDebit in Singapore
In addition, Malaysian travellers to Singapore will be able to use their MyDebit ATM cards, Malaysia’s national debit card scheme, at more than 500 acceptance points in Singapore.
MyDebit cards are now accepted through the NETS network of merchants at Bugis Village.
They can also be used at selected iStudio, Pandora, SaladStop! and Awfully Chocolate outlets.
NETS and PayNet are working on building on this collaboration to offer Malaysians and Singaporeans the option of cross-border instant fund transfers and QR payments between Singapore and Malaysia in the future.
Top image via Zhangxin Zheng