DuitNow Money Transfer Service to Launch in December in Malaysia
Malaysia’s Payments Network Malaysia Sdn Bhd (PayNet) is set to launch the DuitNow money transfer service this December. This will allow customers to transfer money securely and immediately using just the recipient’s mobile number. As of now, 40 local and foreign banks are expected to provide this option for its customers.
Users of the DuitNow system will be able to quickly and easily receive and transfer funds to other recipients using only the mobile number, eliminating the need to provide bank account details. There will be a one-time registration process involved with the respective banks in order to receive payment. Bank customers will not have to register with DuitNow when they want to make payments.
Up To RM5,000 In Payments For Free
DuitNow can be accessed through the “funds transfer” menu, which can be found on the internet and mobile banking channels of the respective banks. This will become accessible once the service launches in December. Consumers and SMEs (Small and Medium Enterprises) will be able to send up to RM5,000 in payments for free.
In the initial pre-registration process of the DuitNow money transfer system, seven million customers were notified of the initiative by the participating banks. Once it has been launched in December, PayNet expects this number to increase.
11 major financial institutions are joint shareholders of PayNet, with Bank Negara Malaysia being the single largest shareholder. At this moment, seven banks have been set to embark on this initiative and offer the DuitNow money transfer service to its customers for pre-registration. This number is expected to increase to 14 by December.
PayNet is also the provider of Real Time Electronic Transfer of Funds and Securities (RENTAS), Fully Automated System for Tendering (FAST), Interbank GIRO, JomPAY, MyDebit, and FPX among other things. DuitNow is another initiative in its attempt to make transactions even more convenient for customers.
