Towards a cashless society — 14 banks now offer DuitNow

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Peter Schiesser

KUALA LUMPUR :- DuitNow, a new electronic payment service from Payments Network Malaysia Sdn Bhd (PayNet) that allows bank customers to transfer money instantly and securely using the recipient’s mobile phone number, is now available to the public through 14 local and foreign banks.

In a statement today, PayNet said the service is available from Monday (Dec 17) at the Internet and/or mobile banking channels of Ambank (M) Bhd, Bank Islam Malaysia Bhd, Bank of China (M) Bhd, BNP Paribas Malaysia Bhd, CIMB Bank Bhd, Citi Bank Bhd, Heong Leong Bank Bhd and HSBC Bank Malaysia Bhd.

The rest are Malayan Banking Bhd, OCBC Bank (M) Bhd, Public Bank Bhd, RHB Bank Bhd, Standard Chartered Bank Malaysia Bhd and United Overseas Bank (M) Bhd.

An additional 17 banks and non-banks will soon launch the DuitNow service as well, the payment network operator said.

“Customers wishing to receive DuitNow fund transfers using their mobile number need only perform a simple one-time registration to link their mobile number with their account number at their bank,” it explained.

Customers may also link their MyKad or MyPR identity card numbers, army or police numbers, passport numbers or business registration numbers to their bank accounts in order to receive money.

“It is extremely heartening that millions of Malaysians have already registered for DuitNow to receive funds using their mobile number and MyKad numbers,” PayNet Group Chief Executive Officer Peter Schiesser said.

Bank Negara Malaysia is PayNet’s single largest shareholder.

Bank customers can now view, modify or transfer their DuitNow registrations via the 14 banks’ Internet or mobile banking channels. To ensure customer convenience, banks in Malaysia are collaborating so that customers can view their registrations across all banks by visiting the Internet or mobile banking of any one of their banks.

Making fund transfers up to RM5,000 is free for consumers and small and medium enterprises, and customers can make transfer by accessing the DuitNow tab under the ‘funds transfer’ menu of their respective banks’ Internet or mobile banking channels. Some banks are also waiving DuitNow transaction fees for fund transfers above RM5,000.

“DuitNow is the first phase of a multi-year effort by the banking industry to modernise Malaysia’s retail payments infrastructure, ensuring a cost-effective, agile and flexible platform that supports innovative and new e-payment products that deliver a superior customer proposition” said Schiesser.

In conjunction with DuitNow’s launch, there will be a nationwide contest with attractive prizes totalling millions of ringgit for bank customers who have registered to receive funds via DuitNow starting Jan 8, 2019.

The contest will encourage more Malaysians to adopt a cashless lifestyle by rewarding them for registering and performing DuitNow transactions.

Visit www.duitnow.my for more information.