PayNet to launch money transfer service using DuitNow

Group Chief Executive Officer of Paynet Peter Schiesser showing a application

KUALA LUMPUR: 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 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.

“During the pre-registration, seven million consumers have been approached for the initiative which is offered by banks that have embarked on the initiative, and we expect more after the launch in December 2018,” Schiesser said during a media briefing on DuitNow here. — Bernama


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