Malaysia electronic payment PayNet launched DuitNow

Since WeChat and Alipay achieved a cashless social model in China, E-wallet apps around the world have sprung up Keep popping out.

According to recent media reports, PayNet, Malaysia’s electronic payment system, launched DuitNow in December 2018 in conjunction with many Banks in Malaysia.

The Duitnow service is an app that can be transferred via phone number, ID number, and passport number.To receive funds using DuitNow, customers need to register their mobile phone number and bind it to their bank account.

Duitnow, like its pronunciation do it Now, is an instant and convenient new electronic payment method that is operated by the Bank of Malaysia’s PayNet company.

Users can easily transfer money simply by entering their mobile phone number or id number. The mobile phone number or ID number and bank card number registration binding, the other side of the transfer no longer have to remember the bank card number headache, directly report the mobile phone number on it, transfer so easy!

If the user wants to collect money through Duitnow, they must follow the steps above to register at once. However, if the user just wants to transfer money to someone else, they do not need to register, also can use this service! Just like transferring money to someone else, you can simply choose to enter the other person’s phone number instead of the bank account number.

The Duitnow service was originally expected to be launched in the third quarter of 2018, and the reality is a quarter later than expected.

Customers can access the service through mobile banking at 14 banks, including CIMB, OCBC Bank, Malayan Bank and BNP Paribas Malaysia.

Another 17 Banks and non-banks will offer DuitNow in the near future. Transfer within RM5000 ($1196.5) is free of service charge, and transfer over RM5000 is subject to service charge of RM0.5 ($0.12). Some Banks waive the transfer fee of RM5000 or more.

With these electronic payment systems, Malaysia’s cashless society is just around the corner.