Wise has connected directly to Malaysia’s PayNet network, enabling DuitNow QR payments and MYR transfers through its app.
Malaysia is the ninth market globally and fifth in Asia Pacific where Wise has gained direct access to a domestic payment system.
Its other connections include Singapore, Australia, the Philippines, Japan, the UK, Europe, Hungary and Brazil.
Wise users in Malaysia can now scan DuitNow QR codes and pay directly through the app.
The feature is being rolled out gradually and is expected to support all DuitNow QR codes nationwide in the coming weeks.
Users can also make DuitNow transfers using a recipient’s mobile number or National Registration Identity Card number.
The recipient’s name will appear before confirmation to help prevent misdirected payments.
“Connecting directly to the local payment system and offering access to DuitNow QR is one example of how Wise is making moving money simpler.
We want to take the friction out of the everyday transactions in Malaysia, bringing greater ease and convenience to consumers,”
said Yen Ting Chiam, Country Manager for Wise Malaysia.
Direct access to domestic payment systems reduces Wise’s reliance on intermediaries and can improve costs and transaction speeds.
The company currently processes 77% of all transfers within 20 seconds, twice the proportion recorded five years ago.
Banks and financial institutions using the Wise API will also be able to verify recipient names when setting up MYR transfers.
Featured image: Edited by Fintech News Malaysia, based on image by Magnific
