by AZALEA AZUAR / pic credit: myduitnow FB
FAVE subscribers can pay at 20,000 restaurants and retailers nationwide using the Fave app or other digital wallets and mobile banking apps with the launch of FavePay DuitNow QR.
The transition to DuitNow QR code allows customers to make convenient and fast payments with their choice of digital banking apps or e-wallet providers.
They can also enjoy rewards from merchants and earn cashbacks up to 15% and choose interest-free flexible payments with FavePay Later.
FavePay DuitNow QR also allows Fave’s merchants to accept payments from all users of 32 participating banks and e-wallets in the DuitNow ecosystem.
Since QR-based mobile payments has become more popular as a cash alternative, FavePay DuitNow QR aims to simplify the mobile payment landscape while allowing merchants to gain access to 32 participating banks and major e-wallets.
At the same time, the app would declutter all outlet storefronts from multiple QR codes.
This is an important milestone for Fave to lift the burden of merchants and it would not only encourage them to accept cross-channel payments, but also improve real-time verification and reconciliation with the FaveBiz platform.
This came after the smart payment app joined the real-time Retail Payments Platform as a non-bank participant with Payments Network Malaysia Sdn Bhd (PayNet) to offer Malaysia’s national QR standard DuitNow QR.
According to Fave Group founder Joel Neoh, the Covid-19 pandemic and Movement Control Order (MCO) has discouraged Malaysians from physical cash payments.
Hence, they have observed a surge in cashless transactions and an opportunity for greater nationwide user adoption.
“We are proud to be one of the early non-bank merchant acquirers for DuitNow QR code and look forward to working closely with PayNet and their partners to enhance interoperability in Malaysia’s e-payments landscape and support merchants in their digitalisation journey,” he said in a statement yesterday.
Neoh added that FavePay DuitNow QR code would be an easy exchange option between merchants and consumers, while also allow them to save more with Fave’s discounts and interest-free payments.
Retail Payment Services director Khairuan Abdul Rahman also stated that the current situation has led Malaysians to accept cashless payments as a norm and has driven the demand for using QR codes for payments.
According to the Malaysian Communications and Multimedia Commission, 89.7% of Malaysians have been using the Internet and most of them have embraced the usage of smartphones.
Therefore, Fave believed that contactless tap and pay transactions are expected to increase threefold in the country over the next few years with their entry into the DuitNow QR ecosystem.
The Malaysia Digital Economy Blueprint under the government’s MyDigital initiative aims to strengthen Malaysia’s digital ecosystem in various ways to make the country progress into a cashless society by 2030.