Payments Network Malaysia Sdn Bhd (PayNet) is gearing up to introduce its Cashless Bazaar Ramadhan campaign, aimed at fostering the adoption of cashless payments among MSMEs in seven states throughout Malaysia.
This initiative, designed to make cashless transactions the go-to method for consumers at bazaars during the month of Ramadhan, collaborates with banks and digital payment platforms, highlighting a step forward in the evolution of payment methods in Malaysia.
PayNet, as the national payments network, seeks to streamline and enhance the shopping experience for both merchants and customers by implementing more efficient and user-friendly payment solutions.
This year, the campaign will facilitate cashless transactions at 46 bazaar locations across Johor, Kedah, Kelantan, Perak, Sarawak, Terengganu, and the Federal Territory of Kuala Lumpur through the integration of DuitNow QR, reflecting a concerted effort to drive digital payment adoption.
Azrul Fakhzan Mainor, Senior Director of Commercial at PayNet, commented on the campaign’s goals, stating,
“Preparing for a new year of Bazaar Ramadhan, the Cashless Bazaar Ramadhan campaign will work together with both our digital payment partners as well as the merchants to increase DuitNow QR touchpoints across these seven states to ensure efficient payment systems for the Bazaar Ramadhan customers.”
He further elaborated on the anticipated impact,
“With more payment options, these merchants can explore the possibilities of venturing into a larger business model after Ramadhan and growing from a vendor at a bazaar. With these touchpoints made available, this will also encourage more cashless spending at Bazaar Ramadhan, as we estimate over three million DuitNow QR transactions throughout the campaign.”
The campaign is not merely about promoting cashless transactions; it is also about aiding MSMEs in their digital transformation, offering them the tools and knowledge to navigate the increasingly digital marketplace. This initiative is part of a broader effort to align with the Malaysia Digital Economy Blueprint, aiming to transition towards a cashless society and boost the nation’s digital economy.
Reflecting on the shift in consumer behavior towards cashless payments, Azrul remarked on the nation’s accelerated acceptance of digital transactions. This change underscores the importance of enhancing the local digital economy by having MSMEs accept digital payments during the Cashless Bazaar Ramadhan campaign.
