40 BANKS TO OFFER DUITNOW SERVICE
Registered users can transfer or receive money using mobile phone numbers
SOME 40 local and foreign banks are expected to offer DuitNow, a new electronic payment service from Payments Network Malaysia Sdn Bhd (PayNet).
DuitNow allows customers to transfer money securely and instantly using recipients’ mobile phone number.
Bank Negara Malaysia is the single-largest shareholder in the PayNet, which has 11 major financial institutions as its joint shareholders.
PayNet group chief executive officer Peter Schiesser said seven banks were now offering the service to their customers for preregistration.
Seven million consumers had been notified by the participating banks about the initiative, said Schiesser during a briefing on DuitNow, here, yesterday.
By using the mobile phone number, registered DuitNow users can easily and instantly receive funds instead of having to provide their bank account numbers to payers.
He said users only needed to complete a one-time registration with the participating banks to receive and 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,” added Schiesser.
Apart from the newly-launched DuitNow, Paynet is also the provider of Real Time Electronic Transfer of Funds and Securities, Fully Automated System for Tendering, Interbank General Interbank Recurring Order and JomPAY, MyDebit, and Financial Process Exchange, among others.