DuitNow QR ecosystem to become standard


THE adoption of cashless payments using QR codes will now be a standard form with DuitNow QR, as it becomes more widely available across the country.

National payments infrastructure provider, Payments Network Malaysia Sdn Bhd (PayNet) who developed the ecosystem said it was a high priority to promote and encourage the use of digital payments.

Its group CEO Peter Schiesser (picture) said after the soft launch of DuitNow QR in 2018, it had started onboarding banks and e-wallet providers to enable customers to pay using various mobile apps available.

“One QR code offers a better payment experience for both merchants and customers.

“Merchants benefit from improved efficiency as they just need to sign up with one acquirer to accept all QR payments, thus avoiding multiple onboarding processes, displaying multiple QR codes over the counter and performing multiple reconciliations of separate QR statements,” he said in a statement yesterday.

According to Schiesser, using one QR code will also simplify payments for customers with higher adoption of QR payments.

PayNet will encourage merchants to contact one of the DuitNow QR acquirers to get on board soon.

Meanwhile, Schiesser said DuitNow QR is established under Bank Negara Malaysia’s Interoperable Credit Transfer Framework and PayNet is mandated to implement the interoperable common QR standard for Malaysia.

Customers pay by scanning the QR code on smartphones while the funds are transferred straight from the customers’ bank or e-wallet account directly into the merchant’s bank account.

“Payment is instant and real-time notification is sent to both parties. DuitNow QR does not require customers and merchants to be customers of the same bank or e-wallet.

“For merchants, reduced paperwork for reconciliation would enable them to unlock greater efficiencies and time savings,” he said.

DuitNow QR is now offered by 26 participants, with 15 new banks and e-wallets to be added progressively over the next six months.