DuitNow QR Gains Traction as Fave Becomes The Latest to Adopt the National Payment QRby Vincent Fong November 28, 2019
Paynet and Fave announced today that FaveBiz is the first non-bank merchant acquirer to offer DuitNow QR, Malaysia’s national QR payments standard. This news follows Public Bank and GrabPay who were the first bank and e-wallet respectively to adopt the QR standard.
Starting in early 2020, Fave’s adoption of DuitNow QR will fuel Fave’s target of enabling 100,000 small and medium-sized enterprises (SMEs) with cashless payments and digital solutions.
As part of the rollout, Fave will assist merchants in Malaysia to adopt DuitNow QR and enable them over time to accept payments from customers of 29 banks as well as major e-wallets. Fave will provide seamless and consolidated reconciliation for merchants on the one-stop FaveBiz platform.
“With DuitNow QR, a merchant will only need to sign up with one Acquirer, and customers of all participating banks and e-wallets would be able to make DuitNow QR payments to merchants using their respective mobile apps. We are excited to welcome Fave and their sizable base of merchants to the DuitNow QR eco-system where 22 million bank customers as well as millions of e-wallet users will soon be able to pay with DuitNow QR at Fave merchants.” said Peter Schiesser, Group Chief Executive Officer, PayNet.
Fave and PayNet also announced a collaboration that which they claim will provide compelling value to customers of participating banks and e-wallets in the DuitNow QR ecosystem, and unlock massive marketing opportunities for Fave merchants. Fave’s founder Joel Neoh shared that the collaboration will enable benefits of shopping with Fave merchants to be extend to bank customers and e-wallet users.
Commenting on the partnership Joel Neoh said,
“The partnership with PayNet comes at a pivotal time as Malaysia embarks on the ‘new economy’ where digitalisation and the usage of e-wallets are facing an upward trajectory. We are thrilled to become the country’s first non-bank merchant Acquirer allowing businesses to adopt DuitNow QR and catalyse higher adoption of digital payments while reducing the operational hurdles of managing multiple QR codes, platforms and reconciliation of various sources of payments.
DuitNow QR is Malaysia’s National QR Code Standard established under Bank Negara Malaysia’s Interoperable Credit Transfer Framework (ICTF).