During the first half of 2025, a total of 11.8 million cross-border quick response (QR) payment transactions worth RM967 million were recorded involving foreign visitors to Malaysia as well as Malaysians travelling abroad.
Minister in the Prime Minister's Department (Federal Territories), Datuk Seri Dr Zaliha Mustafa said this number showed a significant increase compared to 11.7 million transactions worth RM860 million in 2024.
He said this number of transactions covered Malaysia's relations with four ASEAN countries (Indonesia, Singapore, Thailand and Cambodia), as well as China and Korea through commercial arrangements of payment service providers.
The statement was made when he was responding to a question from Senator Datuk Mohd Hatta Md Ramli on Malaysia's move to refine differences between ASEAN countries in cross-border payments.
Bank Negara Malaysia (BNM) is currently working with central banks from three ASEAN countries and India under the Nexus Project to develop a multilateral cross-border payment network.
This next-generation solution initiative aims to connect domestic instant payment systems worldwide through a single link to the Nexus payment scheme platform.
Nexus entities are expected to begin direct cross-border transaction operations for the first time in 2027.
