With cashless payments being the way forward in the new normal, merchants need to provide veritable gallery of signs at the till to cater to the plethora of cashless payment options in Malaysia today but the new DuitNow QR solution aims to make life a whole lot easier for merchants and customers alike as all it takes is to scan in just one DuitNow QR code for payment.
What is Duitnow QR
DuitNow QR is built on Bank Negara Malaysia’s Interoperable Credit Transfer Framework (ICTF). Customers who scan the DuitNow QR code provided at a point-of-sale location can pay straight from their bank or eWallet directly into a merchant’s bank account in real time.
The key benefit here is that neither the customer nor the merchant need to own the same bank or eWallet – a problem that’s being addressed by DuitNow QR.
“In our efforts to promote cashless payments and encourage the use of digital payment methods that are more convenient, efficient and also hygienic, expanding the DuitNow QR ecosystem has been a high priority in our agenda. After the soft launch of DuitNow QR in 2018, PayNet has been onboarding banks and eWallet providers to enable their customers to pay using the mobile app of their choice,” said Mr Peter Schiesser, Group Chief Executive Officer of PayNet.
“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 (bank or eWallet) 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. One QR code also simplifies payment for their customers. With higher adoption of QR payments, we would encourage merchants to contact one of the DuitNow QR acquirers (bank or eWallet) to get onboard soon,” added Mr Schiesser.
At present, DuitNow QR supports 15 banks and eWallets with more being added over the next 6 months. For more details check out their official page at at https://www.duitnow.my/DuitNow-QR/index.html