Elizabeth Tai | 戴秀铃 🇲🇾So this is like paying for things in countries across #SouthEastAsia with apps like Grab, I assume? If this is so, this is VERY cool. I mean I believe we've been doing this for some time - like it you go to #China you pay things via #Alipay.
I remember in the past, stressing if I can get enough cash in foreign countries when I go abroad for work, or whether my credit card will be accepted.
Dendan Setia (Nins)@liztai grab isn't necessary. It's more like the respective country's own national QR system talking to each other so it doesn't need to be a regional super app ewallet. As long as the bank apps can scan qr codes, you should be able to do transaction with the same UI as if you're doing a typical (domestic) transfer (so, no need to include bank SWIFT code even, all that info is embedded). If not, can do same thing, but with ewallets like grab. You're doing directly on a system that doesn't need a third party eg western union or visa/MasterCard, hence why the exchange rate (since it's central banks directly interfacing with each other) should be cheaper than retail rates.
@liztai with your alipay experience, there's still a third party payment processor that you didn't see (could be alipay itself) that charged you their retail exchange rates + transaction fees. So the diff here is the backend.
@cendawanita it sure beats lining up at the money changer 😆