E-wallets In Malaysia Are About To Get A Whole Lot Better; No More Multiple QR Codes At The Counter

GrabPay Partners with PayNet to Adopt DuitNow QR –Malaysia’s National QR Standard

The whole cashless transaction thing is the future. Let’s not deny that. Whether or not we like it however, is a whole different story. I never thought i’d say this, but in an ideal world, the system would be like how it is in China. There are only 2 main e-Wallets, the system is so seamless to the point where paying with cash will earn you an annoyed look from the cashier.

In Malaysia, there’s a plethora of e-Wallet options for us to choose from, and it’s quite frankly a pain in the ass. Yes the competition fosters the seemingly never ending cycle of promo codes and cashbacks which is obviously great for us, but unsustainable in the long run. On top of that, merchants have to display 4 or 5 different QR codes for each e-Wallet, which is absolutely ridiculous when you think about it. It’s 2019!

That being said, that sight for sore eyes will soon be a thing of the past. If all goes as expected, you will soon be seeing just the one QR code on counters that accept cashless payments.

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. 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 will foster an efficient, competitive and innovative payment landscape in Malaysia by enabling interoperability, promoting collaborative competition and providing fair and open access to the shared payment infrastructure. Through DuitNow QR, users can make payments from any participating Banks or e-Wallets’ mobile apps. Merchants would only need to display one QR Code, the DuitNow QR, to accept payments.

“At the moment, e-Wallet providers are incurring substantial acquiring costs for merchants since they are each 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,”

Mr Peter Schiesser, Group Chief Executive Officer, PayNet.

Since the announcement of Grab’s, strategic partnership with Maybank and the launch of GrabPay (Grab’s in-app e-wallet), GrabPay has been reimagining the future of digital payments in Malaysia and across the region, especially with the vision to be the everyday e-wallet, meeting the daily needs of users.

With its admission to the DuitNow QR scheme, Grab will add DuitNow QR support in the Grab app by the first half of 2020. 15 other e-Wallet providers and non-bank merchant acquirers have also applied to participate in DuitNow, so I have a good feeling about seeing just the one QR code on counters come the turn of the new year.

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