PayNet launches real-time retail payment platform


PETALING JAYA: Payments Network Malaysia Sdn Bhd (PayNet) has launched a real-time retail payment platform (RPP) in Malaysia through a partnership with United States-based ACI Worldwide.

In a joint statement, the companies said the first service that would be offered to the public under the platform is DuitNow, an instant credit transfer with a national addressing database that links mobile numbers and national identity numbers to account numbers.

“DuitNow allows bank customers to send money instantly and securely to accounts that are addressed by easily known identifiers, such as mobile phone numbers, identity card or passport numbers, and business registration numbers. The service aims to displace cash with simple and convenient Internet and mobile payments, and has the potential to transform Malaysia’s payments ecosystem with immediate 24x7 funds availability,” the companies said.

Corporate customers would also benefit from DuitNow’s extended message payload that will allow DuitNow payment messages to carry information needed to complete business transactions.

Following the launch of DuitNow, PayNet and ACI will focus on the progressive introduction of new payment services, including QR payments as well as request-to-pay, e-mandates and real-time debit, which are expected to transform how businesses collect payments in Malaysia.

“RPP and DuitNow are the foundation for payments transformation in Malaysia, which is aimed at modernising the e-payments ecosystem and driving innovation for the country’s more than 31 million residents. PayNet’s vision goes beyond just Malaysia – we aim to build links across the Asean region to enable cross-border instant credits and P2P payments, with an initial focus on our neighbouring countries,” said PayNet group CEO Peter Schiesser

“ACI’s UP Real-Time Payments provides the flexibility and scalability that PayNet needs to continue making material steps towards greater Asean payments integration – streamlining both business and personal financial flows across the region," he said.

ACI Worldwide managing director (Asia) Leslie Choo said: “ACI is proud to partner with PayNet to address the changing needs of the Malaysian payments ecosystem as it evolves and matures, positioning the country as a regional and global payments leader as the trend from cash-based transactions to cashless societies gathers pace.

“The launch of DuitNow marks a significant milestone in Malaysia’s real-time transformation – one that has required close collaboration not only between ACI and PayNet, but also with more than a dozen member banks that are bringing these new services to the public.”

 

Corporate News , DuitNow