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GrabPay Partners with PayNet to Adopt DuitNow QR

First e-Wallet to adopt DuitNow QR, Malaysia’s National QR Standard.

by moneycompass
November 2, 2019
in Lifestyle
0
GrabPay the first e-Wallet to adopt DuitNow QR
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KUALA LUMPUR, 1 November 2019 – Payments Network Malaysia (PayNet) and Grab announced a landmark collaboration that will make GrabPay the first e-Wallet to adopt DuitNow QR, Malaysia’s National QR Standard.

DuitNow QR is established under Bank Negara Malaysia’s Interoperable Credit Transfer Framework (ICTF).

ICTF mandates that PayNet, as the country’s shared payment infrastructure provider, implement an interoperable and common QR standard for Malaysia.  Four Banks are already offering DuitNow QR in their mobile banking apps, with 25 Banks expected to implement DuitNow QR over the next six months.

Through DuitNow QR, users can make payments from any participating Banks or e-Wallets’ mobile apps.  Merchants would only need to display one QR Code, the DuitNow QR, to accept payments.

“At the moment, e-Wallet providers are incurring substantial acquiring costs for merchants since they are each signing up the same set of merchants for their respective proprietary networks.  With DuitNow QR, a merchant needs to sign up with only one Bank or e-Wallet acquirer, and customers of all participating Banks and e-Wallets would be able to make DuitNow QR payments to the merchant using their respective mobile apps,” said Peter Schiesser, Group Chief Executive Officer, PayNet.

Since the announcement of Grab’s, strategic partnership with Maybank and the launch of GrabPay (Grab’s in-app e-wallet), GrabPay has been reimagining the future of digital payments in Malaysia and across the region, especially with the vision to be the everyday e-wallet, meeting the daily needs of users.

Coupled with the constant introduction of new features and a rapidly growing partner network of both financial institutions and local merchants, this has significantly increased the adoption of virtual payments innovatively, which is in line with the government’s push to move Malaysia forward in the digital economy and cultivating a cashless society. With its admission to the DuitNow QR scheme, Grab will add DuitNow QR support in the Grab app by the first half of 2020.

DuitNow QR is an extension of the DuitNow service launched in December 2018, which allows Bank customers to transfer money instantly and securely on a 24/7 basis at Banks’ Internet or mobile banking channels.  DuitNow fund transfers can be directed using the recipients’ mobile numbers, MyKad or business registration numbers.

Following the path set by Grab, another 15 e-Wallet providers and non-bank merchant acquirers have also applied to participate in DuitNow.

“Potential participants undergo a rigorous assessment and due diligence process before admission into the DuitNow scheme as we place great emphasis on the safety, security and stability of our payment eco-systems,” added Schiesser.

Grab’s entry into the DuitNow eco-system coupled with the upcoming participation of all retail Banks and major e-Wallets in Malaysia will cement DuitNow QR as the QR payment solution for Malaysia, providing a convenient, cost-effective, and ubiquitous payment option for all merchants and consumers in the country.

Tags: GrabPayments Network MalaysiaPayNet
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