PayNet to launch DuitNow money transfer service in December

-A +A

KUALA LUMPUR (Oct 22): Payments Network Malaysia Sdn Bhd (PayNet) and some 14 banks are expected to offer DuitNow, a new electronic payment service that allows customers to transfer money securely and instantly using recipients mobile number.

Bank Negara Malaysia is the single largest shareholder in the company and PayNet is supported by 11 major financial institutions as its joint shareholders.

Group Chief Executive Officer Peter Schiesser said currently, seven banks have embarked on the initiative and offer the service to their customers for pre-registration.

“For the pre-registration, banks have sent out seven million notices to consumers. We are very positive on the take-up rate after the launch in December 2018 and soon 40 participating banks are due to come on board,” Schiesser said during a media briefing on DuitNow here today.

By using the mobile number, registered DuitNow users can easily and instantly receive funds instead of having to provide their banks account numbers to payers.          

Schiesser further explained that only a one-time registration with the respective banks was needed to receive payments and bank customers do not need to register with DuitNow to make payments.         

“When the service is launched in December, customers may make payments by accessing DuitNow under ‘fund transfer’ menu on their respective banks’ Internet and mobile banking channels. Payments of up to RM5,000 is free for consumers and Small and Medium Enterprises,” he added.

Apart from the newly-launched DuitNow, Paynet is also the provider of Real Time Electronic Transfer of Funds and Securities (RENTAS), Fully Automated System for Tendering (FAST), Interbank GIRO and JomPAY, MyDebit, and FPX, among others.