PayNet and Shopee have announced a landmark collaboration that will make ShopeePay the first eWallet of an e-
commerce platform to join the DuitNow eco-system which PayNet operates. With ShopeePay’s entry into the DuitNow eco-system, customers at Shopee will soon be able to transfer funds instantly and seamlessly between their ShopeePay eWallets and accounts with 40 banks and 5 participating eWallets.
Launched in December 2018, DuitNow initially allowed bank and eWallet customers to transfer money instantly and securely on a 24/7 basis through online banking channels and eWallet apps. DuitNow fund transfers can be directed using the recipients’ mobile numbers, MyKad or business registration numbers.
The second phase of DuitNow (DuitNow 2.0) which will be released on a pilot basis in the second half of 2020 will introduce innovative new payment and collection solutions such as Request-to-Pay, real-time debits, and consents on-file. Request-to-Pay will provide a secure, convenient and faster way to make payments at participating merchants. Consents on-file and real-time debits allow customers to set up a one-time mandate granting permission to merchants to debit their bank accounts or eWallets on a recurring basis. This is a cost-effective alternative to putting credit cards on file with a merchant for recurring purchases.
Besides piloting DuitNow 2.0, ShopeePay will be adopting DuitNow QR, Malaysia’s National QR Standard. This will allow ShopeePay users to access a growing base of offline merchants that are accepting DuitNow QR payments.