Touch ‘n Go eWallet users will soon be able to transfer fund instantly using DuitNow between their e-wallet and bank accounts as well as other e-wallets.
Launched in December 2018, DuitNow is a real-time online fund transfer service that allows you to transfer funds to a recipient using only their mobile phone number, NRIC number or business registration number. Each person can have one DuitNow ID which is a unique identifier used to register your account number.
DuitNow QR is an extension of the DuitNow service.
Forty banks in Malaysia are now part of the DuitNow ecosystem, of which nine banks are already offering DuitNow QR via their mobile banking apps.
Thirty-eight banks, e-wallets and non-bank acquirers are expected to implement DuitNow QR over the next six to nine months.
DuitNow QR is established under Bank Negara Malaysia’s Interoperable Credit Transfer Framework (ICTF). ICTF mandates that PayNet implements an interoperable and common QR standard in Malaysia.
A common QR standard will foster an efficient, competitive and vibrant payment landscape in the country by enabling interoperability, promoting collaborative competition in a shared open payment infrastructure.
“At the moment, eWallet providers are incurring substantial merchant acquiring costs since they are each signing up the same set of merchants for their respective proprietary networks,” said Peter Schiesser, group chief executive offer of PayNet.
With DuitNow QR, a merchant only needs to sign up with one bank or e-Wallet provider; customers of all participating banks and e-wallets would then be able to make DuitNow QR payments to the merchant using their respective mobile apps.
“We are thrilled to be expanding Touch ‘n Go eWallet by becoming part of the DuitNow eco-system. As a brand, we constantly strive to make our eWallet accessible at all touchpoints by providing a seamless transaction experience. Our users and merchants are our utmost priority, and we strive to enable a seamless cashless experience for all. We can now proudly say we stand with PayNet as they rally to do the same. Merchants will now be able to run their businesses hassle-free knowing that users can seamlessly transact with their Touch ‘n Go eWallet through the DuitNow National QR Standard,” said CEO of TNG Digital Sdn Bhd, Ignatius Ong.
Touch ‘n Go eWallet will go live on DuitNow by July 2020 and plans to progressively transition all its merchants to the DuitNow QR code. Doing so will enable merchants to collect payments from more than 22 million bank and e-wallet account holders across the country.
The leading e-wallet provider has a user base of nine million with over 135,000 merchant acceptance points. It is one of the selected e-wallet providers selected to be part of the government’s e-Tunai Rakyat initiative where qualified Malaysians will receive a MYR30 incentive credited into an e-wallet of their choice. Other e-wallet players include Grab and Boost.
Claimed your e-Tunai Rakyat yet? If you haven’t, here’s five reasons why you should claim it from Touch ‘n Go eWallet.
For more information about DuitNow, visit www.duitnow.my.