Public Bank First to Adopt DuitNow QRJuly 31, 2019 8 comments
DuitNow QR is established under Bank Negara Malaysia’s Interoperable Credit Transfer Framework (ICTF). ICTF mandates that PayNet, as the country’s shared payment infrastructure provider, implement an interoperable and common QR standard for Malaysia.
DuitNow QR is an extension of the DuitNow service launched in December 2018, which allows Bank customers to transfer money instantly and securely on a 24/7 basis at banks’ Internet or Mobile Banking channel using only their mobile numbers
With the launch of this, Malaysia has a common QR standard which will work for customers of all participating banks and e-wallets. Through the common QR standard, users can make payment from any participating banks or e-wallet mobile apps.
Merchants would only need to display one QR Code, the DuitNow QR, to accept payments, as opposed to the current practice of displaying multiple proprietary QR codes at payment counters.
Public Bank is the first bank in Malaysia to enable the common QR standard.
In addition to Public Bank, there are 33 banks that will be enabling DuitNow QR in their mobile banking apps. These banks will progressively go live over the next 12 months. “We have also received applications from 12 licensed e-wallet providers and non-bank acquirers to participate in the DuitNow QR scheme and we expect to admit a number of those in the next 6 months,” said Mr Peter Schiesser.
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