GRABPAY PARTNERS WITH PAYNET TO ADOPT DUITNOW QR

KUALA LUMPUR, Nov 1  -- Payments Network Malaysia (PayNet) and Grab have announced a landmark collaboration that will make GrabPay the first e-Wallet to adopt DuitNow QR, Malaysia’s National QR Standard.

DuitNow QR is established under Bank Negara Malaysia’s Interoperable Credit Transfer Framework (ICTF), which mandates that PayNet, as the country’s shared payment infrastructure provider, implements an interoperable and common QR standard for Malaysia.

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. With this partnership, we are confident that it will propel GrabPay further to provide a seamless and safe payment method for customers and merchants,” Ooi Huey Tyng, managing director of GrabPay Malaysia, Singapore and the Philippines, said in a statement today.

She said DuitNow QR is interoperable and provides users with a frictionless and rewarding payment method for consumers whilst providing our merchants with a safe and cost-effective way to collect payments.

“Our strategy has always been focused on being hyperlocal and our partnership with PayNet is yet another example of being customer-centric in our approach in growing Malaysia’s cashless society as it makes it even more affordable and accessible for all Malaysians to do so,” she said.

Meanwhile, Paynet Group chief executive officer Peter Schiesser said at the moment, e-Wallet providers are incurring substantial acquiring costs for merchants since each of them is 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,” he said.

Four banks are already offering DuitNow QR in their mobile banking apps, with 25 banks expected to implement DuitNow QR over the next six months.

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. 

Following the path set by Grab, another 15 e-Wallet providers and non-bank merchant acquirers have also applied to participate in DuitNow.

“Potential participants undergo a rigorous assessment and due diligence process before admission into the DuitNow scheme as we place great emphasis on the safety, security and stability of our payment ecosystems,” added Schiesser.

-- BERNAMA