One QR payment method to rule them all, that is what DuitNow QR has become after being adopted by multiple payment platforms. It is now the gold standard for cashless payment option in Malaysia.
“Can’t we have only 1 system that works for all cashless transaction?”, asked a Twitter user when he saw a row of QR codes from various e-wallets at his local convenient store.
What he did not realise and was pointed out by some of the replies on this Tweet is that, those are all DuitNow QR codes on the counter top.
What You Need To Know About DuitNow
DuitNow is a cashless instant payment method that was developed by Payment Network Malaysia Sdn Bhd (PayNet). It was done to encourage Malaysians to move towards using more digital payments.
PayNet is a payment network that shares central infrastructure for the nation’s financial markets. Its biggest shareholder is Bank Negara Malaysia (BNM) along with 11 other banks as joint shareholders.
The network aims to build inclusive, accessible and efficient payments and financial eco-systems for Malaysia that is in-line with Malaysia’s development objectives.
One QR code offers a better payment experience for both merchants and customers.PayNet CEO Peter Schiesser.
DuitNow QR works across all banks using a web browser or the banks’ respective mobile applications for users to simplify their payments.
Some of the banks and eWallet companies that have adopted the payment method includes;
- Affin Bank Berhad.
- Agro Bank Berhad.
- Alliance Bank Berhad.
- Al Rahji Bank Berhad.
- Ambank (M) Berhad.
- Bank Islam Malaysia Berhad
- Bank of America Merrill Lynch (Malaysia) Berhad.
- Bank of China (Malaysia) Berhad.
- Bank Muamalat Berhad.
- Bank Rakyat Berhad.
- BNP Paribas Malaysia Berhad.
- Bank Simpanan Nasional Berhad.
- China Construction Bank (Malaysia) Berhad.
- CIMB Bank Berhad
- Citibank Berhad
- Deutsche Bank (Malaysia) Berhad.
- Finexus International Sdn Bhd.
- Hong Leong Bank Berhad
- HSBC Bank Malaysia Berhad
- Industrial and Commercial Bank of China (Malaysia) Berhad.
- J.P. Morgan Chase Bank (Malaysia) Berhad.
- Kuwait Finance House (Malaysia).
- Malayan Banking Berhad.
- MBSB Bank (Malaysia) Berhad.
- OCBC Bank (Malaysia) Berhad
- Touch ‘n Go eWallet.
- Shopee Pay.
- Boost eWallet.
- Fave Pay DuitNow.
And many more.
Users can also receive and transfer funds via DuitNow using their phone number. All they need is to link their mobile number to their bank account.
They could also link their MyKad, MyPR cards, army or police ID, passports even business registrations to their bank accounts to receive and send money.
Transferring funds up to RM5,000 will be free for consumers and SMEs. Customers can transfer by accessing the DuitNow tab under Fund Transfer option in their respective bank channels.
Some banks waive transaction fees for payments above RM5,000.
DuitNow users can also transfer and receive money using QR codes with the funds going directly into the merchant’s bank account, even from different banks.