KUALA LUMPUR: Some 40 local and foreign banks are expected to offer DuitNow, a new electronic payment service from Payments Network Malaysia Sdn Bhd (PayNet).
DuitNow allows customers to transfer money securely and instantly using recipients mobile number.
Bank Negara Malaysia is the single largest shareholder in the company and PayNet is supported by 11 major financial institutions as its joint shareholders.
Group chief executive officer Peter Schiesser said currently, seven banks had embarked on the initiative and offer the service to their customers for pre-registration. By December, the number of banks is expected to reach 14.
During the pre-registration, seven million consumers had been notified of the initiative by participating banks, and PayNet expected more after the launch in December 2018, Schiesser said during a media briefing on DuitNow here today.
By using the mobile number, registered DuitNow users can easily and instantly receive funds instead of having to provide their banks account numbers to payers.
Schiesser further explained that only a one-time registration with the respective banks was needed to receive payments and bank customers do not need to register with DuitNow to make payments.
“When the service is launched in December, customers may make payments by accessing DuitNow under ‘fund transfer’ menu on their respective banks’ Internet and mobile banking channels. Payments of up to RM5,000 is free for consumers and Small and Medium Enterprises,” he added.
Apart from the newly-launched DuitNow, Paynet is also the provider of Real Time Electronic Transfer of Funds and Securities (RENTAS), Fully Automated System for Tendering (FAST), Interbank GIRO and JomPAY, MyDebit, and FPX, among others.