Peter Schiesser of Pay Net and Ignatius Ong of Touch ‘n Go.
Touch ‘n Go eWallet announced on Monday, Feb 10 that it will adopt the DuitNow QR, Malaysia’s National QR Standard and become a participant in the DuitNow ecosystem, operated by Payments Network Malaysia (PayNet).
DuitNow QR is established under Bank Negara Malaysia’s (BNM) Interoperable Credit Transfer Framework (ICTF). ICTF mandates that PayNet, as the country’s shared payment infrastructure provider, implement an interoperable and common QR standard for Malaysia.
40 banks in Malaysia are now part of the DuitNow ecosystem, of which 9 banks are already offering DuitNow QR in their mobile banking apps, with another 38 banks, eWallets and non-bank acquirers expected to implement DuitNow QR over the next 6 to 9 months.
DuitNow QR will foster an efficient, competitive and innovative payment landscape in Malaysia by enabling interoperability, promoting collaborative competition and providing fair and open access to the shared payment infrastructure. Through DuitNow QR, users can make payments from any participating Banks or eWallets’ mobile apps. Merchants would only need to display one QR Code, the DuitNow QR, to accept payments.
“At the moment, eWallet providers are incurring substantial merchant acquiring costs since they are each signing up the same set of merchants for their respective proprietary networks. With DuitNow QR, a merchant needs to sign up with only one bank or eWallet acquirer, and customers of all participating banks and eWallets would be able to make DuitNow QR payments to the merchant using their respective mobile apps,” said Peter Schiesser, Group Chief Executive Officer of PayNet.
Touch ‘n Go eWallet has been an advocate for financial inclusivity by making it easier and more convenient for Malaysians to go cashless since its launch in 2018.
“We are thrilled to be expanding Touch ‘n Go eWallet by becoming part of the DuitNow ecosystem,” said CEO of TNG Digital Sdn Bhd, Ignatius Ong.
“As a brand, we constantly strive to make our eWallet accessible at all touchpoints by providing a seamless transaction experience. We can now proudly say we stand with PayNet. Merchants will now be able to run their businesses hassle-free knowing that users can seamlessly transact with their Touch ‘n Go eWallet through the DuitNow National QR Standard,” adds Ignatius.
Touch ‘n Go eWallet will go live on DuitNow by July 2020 and plans to progressively transition all its merchants to DuitNow QR Code, so that the merchants can collect payments from more than 22 million bank and eWallet account holders in due course.
DuitNow QR is an extension of the DuitNow service launched in December 2018, which allows bank customers to transfer money instantly and securely on a 24/7 basis at Banks’ Internet or mobile banking channels. DuitNow fund transfers can be directed using the recipients’ mobile numbers, MyKad or business registration numbers.
Touch ‘n Go eWallet users will soon be able to transfer funds instantly using DuitNow between their Touch ‘n Go eWallet and bank accounts as well as other eWallets.
Touch ‘n Go eWallet currently has a user base of 9 million with 135,000 merchant acceptance points. Over the last 2 years, Touch ‘n Go eWallet has seen exponential growth and spearheaded cashless transformation by making daily transactions possible with just one tap. With Touch ‘n Go eWallet entry into the DuitNow eco-system, consumers and merchants in Malaysia will reap the benefits of more merchant acceptance points and wider customer reach as the ecosystem grows.
Source : Digital News Asia