KUALA LUMPUR – Payments Network Malaysia (PayNet) has introduced DuitNow Request, a service that allows payees to send electronic requests to collect payment from payers either through payers’ mobile or MyKad number, as an extension on the services of DuitNow. With Standard Chartered Malaysia becoming the first bank to adopt this collection service, their customers can now send payment requests to each other via the Bank’s SC Mobile app.
DuitNow Request is expected to be used by government bodies and businesses as well to send tax, assessment and invoice requests. Recipients will be able to receive a notification to review the payment requests through their preferred bank to make the payments. Payment requests will also come with basic information on the payment details for the payer’s reference.
The adoption of this service is expected to become more widespread and accepted among people as other financial service providers begin to incorporate DuitNow Request into their digital banking platforms. Users will be able to benefit from the ease of reconciliation provided by the consolidation of requests and payments into a single ecosystem, while payers will receive real-time notification for each successful transaction.
Lai Pei Si, Head of Consumer, Private and Business Banking at Standard Chartered Malaysia, said that this service will prove to be a more seamless payment option and collection process in the government’s push for cashless transaction facilities to be the main option at public sector agencies. With the growth that digital payments are recording, virtual services such as DuitNow Request will be crucial in enabling real-time payments and high-volume transactions.
“For a time now, Malaysian consumers have been shifting towards digital payments. Here at the bank, we’ve witnessed an 87% year-on-year growth in this area and found that four out of every five Malaysians expect the nation to go fully cashless. Hence, be it via supporting public initiatives or working with fintech companies to come up with digital solutions, our focus remains on ensuring a smooth and secure journey for users throughout the payment process,” she added.