Fave, Southeast Asia’s payments app, has emerged as another non-bank participant to offer DuitNow QR, Malaysia’s national QR standard to merchants in the country.
This move was made possible through a partnership with the Payments Network Malaysia (PayNet).
The introduction of FavePay DuitNow QR will enable customers to use a single preferred QR code to make payments at 20,000 restaurants and retailers nationwide using the Fave app or other digital wallets and mobile banking apps.
Fave aims to simplify the mobile payment landscape while allowing merchants to gain access to 32 participating banks and major e-wallets as well as declutter all outlets storefronts from multiple QR codes.
This move will propel merchants to not only accept cross-channel payments, but also improve real-time verification and reconciliation with the FaveBiz platform.
Consumers using the Fave app as their preferred payment app will be able to reap rewards from merchants and earn up to 15% in cashback as well as opt-in for interest-free flexible payments with FavePay Later.
Fave recently launched its Buy Now, Pay Later (BNPL) service in Malaysia and Singapore, providing over 6 million of its users with instant access to interest-free credit to be used at over 40,000 stores as a pilot.
“More Malaysians are abstaining from paying with physical currency due to COVID-19 and MCO; we are seeing a surge in cashless transactions and an opportunity for greater nationwide user adoption.
We’re proud to be one of the early non-bank merchant acquirers for DuitNow QR code and look forward to working closely with PayNet and their partners to enhance interoperability in Malaysia’s e-payments landscape and support merchants in their digitalisation journey,”
said Joel Neoh, Founder of Fave Group.
“The prevailing environment has resulted in growing acceptance of cashless payments among Malaysians and provides the impetus needed for increased usage of QR codes for payments.
Having Fave in our DuitNow QR ecosystem will complement and broaden the range of available options to end-consumers,”
said Khairuan Abdul Rahman, Director of Retail Payment Services at PayNet.