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New Straits Times
22-05-2025
- Business
- New Straits Times
Age of Asean: Building trust in Southeast Asia's digital future
As Asean is positioning to be the heart of digital economy, fostering trust is key in reaping the benefits of growing digitalisation and further empowering the vulnerable segments of the population. In the bustling streets of Jakarta, 50-year-old Siti sits behind her food stall, where the aroma and sizzle of fried rice and grilled satay mingles with the hum of passing motorbikes. With a range of digital food delivery and e-commerce platforms helping her connect with more customers, business has never been better. Siti is just one of 70 million micro entrepreneurs driving economic growth in the Asean region. Over the last two decades, the region has seen its real GDP grow by five per cent annually, reaching US$3.8 trillion. in 2023, making it the fifth-largest economy globally. With digitalisation empowering microenterprises like Siti's, it is no surprise that Asean's digital economy is poised to reach almost US$2 trillion by 2030. A foundational piece of this growing digital economy is the proliferation of instant payment systems (IPS), more recently, the rapid adoption of low-cost national QR payment channels. From Indonesia's QRIS to Cambodia's KHQR and Thailand's PromptPay, Asean has swiftly adopted the digital way to pay, with the share of digital payments to gross transaction volume already surpassing cash with just 48 per cent in 2022 to about 56 per cent in 2024. With payments transmitted directly to the merchant's digital accounts, microenterprises can now easily manage their books, helping them monitor the growth of their business. Asean continues to make strides in building and expanding cross-border QR payment linkages. Through the commitment and hard work of the Asean Working Committee on Payment and Settlement Systems (WC-PSS), several Asean countries – Cambodia, Indonesia, Laos, Malaysia, Singapore, Thailand, and Vietnam – are now able to conduct cross-border QR payment or person-to-person funds transfers. This translates into bigger business opportunities for microenterprises. Yet despite the increasing digital savviness, microenterprises still face hurdles in accessing much-needed financing. This is exacerbated by microenterprises' mistrust in the digital ecosystem due to cases of fraud, hidden fees, and lack of recourse, which could potentially undermine their growth. In Indonesia, for example, only 41 per cent of merchants using QRIS completed at least one transaction per month, and 18 per cent remained dormant, largely due to trust erosion from unexpected charges and unresolved disputes. It is therefore imperative to build and ensure MSMEs' continued trust in digital payments and the broader financial ecosystem. The United Nations' Better Than Cash Alliance's Trust Quotient Policy Toolkit, which was developed together with the Asean Working Committee on Financial Inclusion (WC-FINC) and noted by Asean Ministers and Central Bank Governors, reflects the region's collective commitment to this vision. Focusing on fraud, hidden fees, and lack of recourse, the Trust Quotient Policy Toolkit provides policy and regulatory recommendations to promote clear pricing, accessible dispute resolution, and transparent data practices, which will then help ensure micro-merchants confidently adopt digital payments in a safer, more accountable ecosystem. Ensuring quick and seamless recourse mechanisms, particularly for small-value disputes, is critical for fostering trust as delays or unresolved issues can significantly damage confidence. Programmes such as the 'BOB' (BSP Online Buddy) chatbot initiative by Bangko Sentral ng Pilipinas showcase how technology can simplify dispute resolution and build trust. Similarly, the Philippines' Paleng-QR Ph and Indonesia's QRIS SIAP have helped merchants through financial literacy, streamlined tools, and responsive support. Simplified data privacy disclosures can further empower merchants to navigate digital systems confidently. Moreover, integrating support for digital financial services into existing MSME development programmes can be transformative. Indonesia's Jakpreneur program, for instance, onboards merchants to digital platforms but also provides training in financial literacy and business management. For Siti, the success of her business relies not just on the convenience of digital payments but her trust in continued use of digital payments which grants her a formal financial history. By addressing challenges such as hidden fees, lack of recourse, and data privacy concerns, Asean can ensure that entrepreneurs like Siti feel confident in trusting and embracing digital transformation and ensure that no enterprise is left behind.
Straits Times
13-05-2025
- Straits Times
Bangkok bar looking for 'nice' customer from S'pore who left without transferring payment for drinks
Bangkok bar looking for 'nice' customer from S'pore who left without transferring payment for drinks A bar in Bangkok is looking for a customer from Singapore who ordered drinks but left without completing his payment. Stomper Thana shared a photo of an iPhone showing someone using a bank app to transfer a payment of 485 baht or S$19.30 via Thai payment system PromptPay on May 5. The person appeared to be using a DBS account and his name is Jordan. The Stomper said: "Our bar called Hit The Road has just been opened for less than a month. "A nice customer from Singapore ordered drinks and showed his phone to our newbie staff to indicate that payment had been made. "But he did not click transfer." It is unclear whether it was intentional or the customer forgot. The bar staff member responsible offered to pay for the drinks himself. The Stomper said: "My worker asked me to deduct from his salary. That is almost his whole day's wage." But the customer is the one who should pay. "I wonder if there is a way to track him," said the Stomper. "I want to send him a voucher. If he comes back and pays for the drinks, I will buy him a round of drinks." Hit The Road is located at 1208 Song Wat Road in the Samphanthawong district near the Chao Phraya River. If you know who the customer is, kindly contact Stomp at stomp@ or WhatsApp 9384 3761. Click here to contribute a story or submit it to our WhatsApp Get more of Stomp's latest updates by following us on: Share this article Show Comments
The Star
09-05-2025
- Business
- The Star
Scan, pay and explore Cambodia with ease
No cash, no fuss: explore Cambodia made easy with seamless QR payments. One of every traveller's greatest concerns is juggling a bulky wallet of foreign notes, a smartphone, a camera and other handheld items. However, that concern is now a thing of the past, with the newly launched Cross-Border DuitNow QR, Malaysians have a new, streamlined payment process at their fingertips. This new feature allows users to scan local KHQR codes and pay just like a local. Whether you are savouring street-food noodles in Phnom Penh or shopping at a boutique in Siem Reap, travellers simply open the MAE app and scan to pay — exactly like you would in Malaysia. Seamless payments Travellers can now complete payments in seconds by launching the MAE app, tapping Scan and Pay and scanning the KHQR code at any participating merchant. The app instantly converts ringgit into Cambodian Riel at the prevailing bank rate, displaying the exact ringgit equivalent before authorisation. There are no hidden or extra fees — what appears on screen is precisely what leaves the account — and payments draw exclusively from current or savings accounts, simplifying expense tracking. From scan to confirmation — enjoy quick, cashless payments with ease while travelling in Cambodia. How to use Scan and Pay in Cambodia Launch the MAE app, tap the Scan and Pay icon on the home screen and scan the merchant's KHQR code displayed at the point of sale. Enter the payable amount in Cambodian Riel — the app will display the equivalent in Malaysian ringgit and review the amount. And your payment is done! Expand your cashless journeys Cross-Border DuitNow QR feature is not limited to Cambodia – you can also use it in Singapore (NETS), Thailand (PromptPay), and Indonesia (QRIS). At each destination, users simply look for the local QR code logo at participating merchants and the MAE app handles real-time currency conversions in real time. From the gilded temples of Phnom Penh to the floating villages of Tonle Sap, Cambodian Scan and Pay like a local at over 4.5 million participating merchants in Cambodia! For more information, visit the website.
The Sun
28-04-2025
- Business
- The Sun
Malaysians warn travellers: bring extra cash, don't rely on QR
IF you're planning a trip to Thailand soon, there's one thing you should know: paying through QR codes aren't the all-knowing magic ticket some might say they are. A recent post on Threads from a Malaysian traveller has sparked a discussion about QR payments in Thailand. Despite hearing that QR codes would be accepted everywhere, @ quickly learned that small businesses often don't have the infrastructure for them. 'Large restaurants and shopping malls might be fine, but many local shops use personal accounts that don't support QR payments. Only those with merchant accounts can process these transactions, and most avoid it due to the 2%-4% fees.' She then found herself without enough cash and had to borrow money from a friend working in Bangkok. Others chimed in with similar experiences. @puterizariela shared how she ran out of Thai Baht but didn't want to withdraw more from the ATM due to the high RM36 fee per withdrawal. @naufalazim pointed out that while Malaysia has one of the best QR payment cultures in Southeast Asia, cash is still the preferred method in many situations. 'Even at places like 7E, there's often a minimum spend required to use Touch n Go. It seems that cash remains the easiest option in many places.' @leah_amiruddin and @ also shared that they now exchange extra cash before trips, using QR only at major stores like 7-Eleven and Boots. through TnG, while @yeyaanazari added that paying in cash makes it easier to track spending. QR payments are everywhere in Malaysia, even at pasar malam, but Thailand's system isn't as widely adopted yet. While Malaysia has fully integrated QR payments like DuitNow into daily life, Thailand's system, though technically strong, hasn't reached the same level of use. Since 2017, the Bank of Thailand has promoted a national QR standard and linked it with ASEAN countries like Malaysia, Singapore, and Indonesia through the PromptPay system. In 2021, Bank Negara Malaysia and the Bank of Thailand began improving cross-border QR payments and as of March 2025, Malaysians can now use their mobile apps to scan Thai QR codes at participating merchants. According to the Bank of Thailand's website, 'The cross-border payment linkage between Thailand and Malaysia successfully connects the real-time retail payment systems of two countries, PromptPay in Thailand and DuitNow in Malaysia. Tourists of both countries can make payments for goods and services by scanning QR codes at merchants.' Although this will make things easier for future travellers, especially when more businesses adopt the system, it's clear that for now, cash is almost always necessary. QR payments are growing, but until they are fully rolled out in small businesses, it's wise to carry cash for times when QR isn't an option.
The Sun
28-04-2025
- Business
- The Sun
'Always bring cash, don't rely on QR' – Malaysians share cash struggles in Thailand, warn travellers to prepare
IF you're planning a trip to Thailand soon, there's one thing you should know: paying through QR codes aren't the all-knowing magic ticket some might say they are. A recent post on Threads from a Malaysian traveller has sparked a discussion about QR payments in Thailand. Despite hearing that QR codes would be accepted everywhere, @ quickly learned that small businesses often don't have the infrastructure for them. 'Large restaurants and shopping malls might be fine, but many local shops use personal accounts that don't support QR payments. Only those with merchant accounts can process these transactions, and most avoid it due to the 2%-4% fees.' She then found herself without enough cash and had to borrow money from a friend working in Bangkok. Others chimed in with similar experiences. @puterizariela shared how she ran out of Thai Baht but didn't want to withdraw more from the ATM due to the high RM36 fee per withdrawal. @naufalazim pointed out that while Malaysia has one of the best QR payment cultures in Southeast Asia, cash is still the preferred method in many situations. 'Even at places like 7E, there's often a minimum spend required to use Touch n Go. It seems that cash remains the easiest option in many places.' @leah_amiruddin and @ also shared that they now exchange extra cash before trips, using QR only at major stores like 7-Eleven and Boots. through TnG, while @yeyaanazari added that paying in cash makes it easier to track spending. QR payments are everywhere in Malaysia, even at pasar malam, but Thailand's system isn't as widely adopted yet. While Malaysia has fully integrated QR payments like DuitNow into daily life, Thailand's system, though technically strong, hasn't reached the same level of use. Since 2017, the Bank of Thailand has promoted a national QR standard and linked it with ASEAN countries like Malaysia, Singapore, and Indonesia through the PromptPay system. In 2021, Bank Negara Malaysia and the Bank of Thailand began improving cross-border QR payments and as of March 2025, Malaysians can now use their mobile apps to scan Thai QR codes at participating merchants. According to the Bank of Thailand's website, 'The cross-border payment linkage between Thailand and Malaysia successfully connects the real-time retail payment systems of two countries, PromptPay in Thailand and DuitNow in Malaysia. Tourists of both countries can make payments for goods and services by scanning QR codes at merchants.' Although this will make things easier for future travellers, especially when more businesses adopt the system, it's clear that for now, cash is almost always necessary. QR payments are growing, but until they are fully rolled out in small businesses, it's wise to carry cash for times when QR isn't an option.
