RHB-PayNet’s Sound Box Delivers Instant Audio and Display Alerts for QR Payments
by Fintech News Malaysia December 20, 2023RHB Bank, in partnership with Payments Network Malaysia (PayNet), has launched the DuitNow QR Plug & Play sound box in a bid to step up payment security. According to RHB, it is the first bank to introduce the device.
This device is designed to provide a secure and reliable way for consumers and merchants to verify the authenticity of DuitNow QR code transactions, a response to the rising concern over financial frauds in digital transactions.
The DuitNow QR Plug & Play sound box, supporting both static and dynamic QR codes, can be integrated into merchants’ point-of-sale systems, offering an additional layer of security.
Upon successfully receiving the DuitNow transfer, the sound box generates an auditory alert and a visual display, providing real-time reassurance that the intended merchant has received the correct payment amount.
Initially, the sound box will be deployed to micro, small, and medium enterprises (MSMEs) in suburban areas, starting December 2023.
From January 2024, the device will be extended to businesses with higher transaction volumes, including those in the food and beverage sector, grocery stores, night markets, and various retail outlets.
Syed Ahmad Taufik Albar
Syed Ahmad Taufik Albar, Managing Director, Group Wholesale Banking, RHB Bank said,
“While we cannot dispute the value of QR codes to ease financial transactions, we acknowledge the security risks involved. These include fake QR codes that deceive consumers into transferring their money to a scammer’s bank account, or dishonest customers who use a fake payment receipt to trick merchants into believing that payment has been made.
In response to this, the Plug & Play sound box serves as an innovative scam prevention tool that benefits merchants and consumers as it simultaneously addresses concerns from both parties through a sound and visual alert.”
Gary Yeoh
Gary Yeoh, Chief Commercial Officer of PayNet said,
“Our partnership with RHB underscores PayNet’s commitment in empowering MSME growth to thrive in Malaysia’s digital economy. The DuitNow QR Plug & Play sound box is a result of innovative technology adoption which helps to strengthen security in payment digitalisation and encourages businesses to go cashless.
This initiative will enable businesses and users to enjoy the benefits of payment digitalisation without compromising security, reliability and ethical standards. This is consistent with Malaysia’s Digital Economy Blueprint to create a digital environment that is trusted, secure and ethical.”
