On Nov 1, Payments Network Malaysia (PayNet) and Grab, Southeast Asia’s leading everyday app, announced a landmark collaboration that will make GrabPay the first e-Wallet to adopt DuitNow QR, Malaysia’s National QR Standard.
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 e-Wallets’ mobile apps. Merchants would only need to display one QR Code, the DuitNow QR, to accept payments.
“At the moment, e-Wallet providers are incurring substantial acquiring costs for merchants 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 e-Wallet acquirer, and customers of all participating Banks and e-Wallets would be able to make DuitNow QR payments to the merchant using their respective mobile apps,” said PayNet Group CEO Peter Schiesser.
Grab reimagined the future of digital payments with their vision to be the everyday e-Wallet, meeting the daily needs of users through GrabPay. Since the launch of GrabPay, new features have been introduced along with a rapidly growing partner network of both Banks and local merchants.
This has significantly increased the adoption of virtual payments innovatively, which is in line with the government’s push to move Malaysia forward in the digital economy and cultivating a cashless society.
With its admission to the DuitNow QR scheme, Grab will add DuitNow QR support in the Grab app by the first half of 2020.
“We are honoured to be the first e-Wallet to adopt DuitNow QR. This partnership will propel GrabPay further to provide a seamless and safe payment method for customers and merchants. DuitNow QR’s interoperability simplifies and provides consumers with a frictionless and rewarding payment method, whilst providing our merchants a safe and cost-effective way to collect payments” said GrabPay Malaysia, Singapore and the Philippines managing director Ooi Huey Tyng.
An extension of the DuitNow service launched in 2018, DuitNow QR allows bank customers to transfer money instantly and securely on a 24/7 basis through the bank’s Internet or mobile banking channels. DuitNow fund transfers can be directed using the recipients’ mobile numbers, MyKad or business registration numbers.
Following the path set by Grab, another 15 e-Wallet providers and non-bank merchant acquirers have also applied to participate in DuitNow.
Grab’s entry into the DuitNow eco-system coupled with the upcoming participation of all retail Banks and major e-Wallets in Malaysia will cement DuitNow QR as the QR payment solution for Malaysia, providing a convenient, cost-effective, and ubiquitous payment option for all merchants and consumers in the country.