Second Stop - Malaysia
Contributed by Lim Jing Wei, Chief FinTech Officer
In this article, we're embarking on the second chapter of our exploration –Malaysia's DuitNow network.
The DuitNow network, orchestrated by Payments Network Malaysia Sdn Bhd (PayNet) and introduced in 2018, represents a leap forward in Malaysia's financial landscape. As the national payments network and shared central infrastructure for the country's financial markets, PayNet has crafted an ecosystem that not only facilitates transactions but also fosters a seamless and dynamic financial experience.
Comparable to Singapore's renowned FAST system, DuitNow stands as Malaysia's own real-time payment network. This game-changing innovation has effectively redefined how Malaysians conduct their financial transactions, ushering in an era of swiftness, convenience, and modernization. Yet, DuitNow's allure doesn't stop at real-time payments – it encompasses a spectrum of services designed to cater to the multifaceted needs of the populace.
3 distinct services are made available, mainly:
DuitNow Transfer: Imagine transferring funds instantly to peers and businesses, regardless of the time or day. DuitNow Transfer makes this possible through its utilization of DuitNow IDs, encompassing mobile numbers, personal identities, or business registration numbers. With this service, 24/7 transfers become a reality, available across over 40 participating banks and e-wallet companies, making financial connectivity effortless.
DuitNow QR: This service empowers Malaysians to make payments and receive funds using a single QR code, regardless of the participating bank or e-wallet. By streamlining transactions, DuitNow QR transforms the complexity of cross-platform payments into a seamless process, enhancing the overall user experience.
DuitNow Request: With financial dynamics constantly evolving, DuitNow Request fills a crucial role. It allows payees to send digital payment requests, enabling easy fund collection from payers. This flexibility extends across eWallets, mobile apps, and internet banking, making DuitNow Request a versatile solution that adapts to modern financial demands.
Adding to the excitement, CYS Global Remit is poised to introduce real-time payments via the DuitNow Network on its mobile application. Stay tuned for more updates!