BANK customers can now transfer money instantly and securely using the recipient’s mobile phone number, thanks to DuitNow.
The service, which was launched Dec 17, is a collaboration between banks in Malaysia and allows customers to view their registrations conveniently across all banks, using the Internet or via their bank’s mobile banking service.
Bank customers can view, modify or transfer their DuitNow registrations via 14 bank’s Internet or mobile banking channels — Ambank (M) Berhad, Bank Islam Malaysia Berhad, Bank of China (Malaysia) Berhad, BNP Paribas Malaysia Berhad, CIMB Bank Berhad, Citibank Berhad, Hong Leong Bank Berhad, HSBC Bank Malaysia Berhad, Malayan Banking Berhad, OCBC Bank (Malaysia) Berhad, Public Bank Berhad, RHB Bank Berhad, Standard Chartered Bank Malaysia Berhad and United Overseas Bank (Malaysia) Berhad.
An additional 17 banks and non-banks will launch the DuitNow service soon.
Customers wishing to receive DuitNow fund transfers using their mobile number need to perform a simple one-time registration to link their mobile number to their bank’s account number.
They can also connect the numbers for their MyKad or MyPR cards, army or police identifications, passports and business registrations to their bank accounts to receive money.
“It is extremely heartening that millions of Malaysians have already registered for DuitNow to receive funds using their mobile number and MyKad numbers” said group chief executive officer Peter Schiesser of PayNet, operator of DuitNow.
Transferring funds up to RM5,000 is free for consumers and SMEs, and customers can transfer by accessing the DuitNow tab under the “Funds Transfer” menu of their respective banks’ channels.
Some banks are also waive DuitNow transaction fees for transfers above RM5,000.
“DuitNow is the first phase of a multi-year effort by the banking industry to modernise Malaysia’s retail payments infrastructure, ensuring a cost-effective, agile and flexible platform that supports innovative and new e-payment products that deliver a superior customer proposition” added Schiesser.
In conjunction with DuitNow’s launch, there will be a nationwide contest for bank customers registered to receive funds via the service starting Jan 8 next year with attractive prizes worth millions of ringgit in total.
The contest will encourage more Malaysians to adopt a cashless lifestyle by rewarding them for registering and performing DuitNow transactions.
Payments Network Malaysia Sdn Bhd (PayNet) is Malaysia's premier payments network and central infrastructure for financial markets.
It innovates, builds and operates world-class payment systems and financial market infrastructures that safely, reliably and efficiently enables the functioning and development of Malaysia's financial system, as well as the economy as a whole.
The Bank Negara Malaysia is its largest shareholder, with eleven major financial institutions as joint shareholders.
PayNet serves as a platform to harness the collaborative efforts of the Malaysian banking system to accelerate the adoption of electronic payments.