[KUALA LUMPUR] Cashless payments are all the rage these days in Malaysia, and the number of such transactions is set to rise sharply this year with the recent launch of a cross-border QR code payment linkage between Singapore and Malaysia.

Many smaller businesses told The Business Times that receiving payments via QR code will benefit them greatly, as such transactions are instant and allow them to receive funds immediately. This is unlike credit and debit cards, which may require several days before the funds are transferred to them.

Customers also do not have to worry about carrying excessive amounts of cash with them as they can use the QR code payment option even for a few ringgit.