DuitNow to Enable ShopeePay Users to Transfer Funds to Banks and Other E-Walletsby Fintech News Malaysia February 14, 2020
Payments Network Malaysia (PayNet) and Shopee announced a collaboration that will make ShopeePay the first eWallet of an e-commerce platform to join the DuitNow eco-system which PayNet operates.
DuitNow is intended to serve an interoperable infrastructure between e-wallet players and banks, PayNet seems to be doubling their efforts of late to onboard more players into the ecosytem. Touch ‘n Go eWallet is the most recent player that they have onboarded prior to ShopeePay.
With ShopeePay’s entry into the DuitNow eco-system, customers at Shopee will soon be able to transfer funds instantly and seamlessly between their ShopeePay eWallets and accounts with 40 banks and 5 participating eWallets.
Launched in December 2018, DuitNow initially allowed bank and eWallet customers to transfer money instantly and securely on a 24/7 basis through online banking channels and eWallet apps. DuitNow fund transfers can be directed using the recipients’ mobile numbers, MyKad or business registration numbers.
The second phase of DuitNow (DuitNow 2.0) which will be released on a pilot basis in the second half of 2020 will introduce innovative new payment and collection solutions such as Request-to-Pay, real-time debits, and consents on-file. Request-to-Pay will provide a secure, convenient and faster way to make payments at participating merchants’ e-commerce websites and mobile commerce applications. Consents on-file and real-time debits allow customers to set up a one-time mandate granting permission to merchants to debit their bank accounts or eWallets on a recurring basis. This is a cost-effective alternative to putting credit cards on file with a merchant for recurring purchases.
“We are excited to have Shopee as an early adopter of DuitNow 2.0 which will allow Shopee customers to shop and checkout seamlessly. The combination of real-time debits and consents on-file will significantly improve the payment process, and customers can enjoy a convenient and hassle-free transaction,”
said Mr Peter Schiesser, Group Chief Executive Officer of PayNet.
Besides piloting DuitNow 2.0, ShopeePay will be adopting DuitNow QR, Malaysia’s National QR Standard. This will allow ShopeePay users to access a growing base of offline merchants that are accepting DuitNow QR payments.
“Shopee introduced ShopeePay to bring Malaysians greater convenience and security when making payments. We are delighted to build on that vision by partnering PayNet and joining the DuitNow eco-system. Now, ShopeePay users can manage funds and make payments more smoothly and securely on the go, improving the payment experience. We are excited to be working with PayNet and look forward to creating more innovative features in the near future”,
said Ian Ho, Regional Managing Director of Shopee.
ShopeePay’s entry into the DuitNow eco-system will grow the eco-system for the benefit of consumers, merchants and participants.