KUALA LUMPUR: Payments Network Malaysia Sdn Bhd (PayNet) and banks in Malaysia will launch ‘DuitNow’ in December, a service that allows bank customers to transfer money instantly and securely using the recipient’s mobile phone number.
The initiative is aimed at transforming Malaysia’s payments landscape, bringing convenience, efficiency, and immediate funds availability on a 24/7 basis.
By sharing their mobile phone number, registered DuitNow users can easily and instantly receive funds instead of having to provide their bank account numbers to payers.
Customers wishing to receive payments using their mobile numbers, will need only perform a one-time registration to link their mobile numbers with their account numbers. In addition to mobile numbers, bank customers may also choose other identifiers – MyKad or MyPR identity card numbers, army or police numbers, passport numbers or business registration numbers – to link with their bank accounts in order to receive money.
While a one-time registration is needed to receive payments, bank customers do not need to register to use DuitNow to make payments. Making payments up to RM5,000 is free for consumers and SMEs.
Source: The Sun Daily