RHB Bank, PayNet launch DuitNow QR Sound Box with Keypad which features Dynamic QR to combat payment fraud


The DuitNow QR (DNQR) Sound Box with keypad used by RHB Bank is designed for seamless transactions, reducing human error and enhancing operational efficiency.

KUALA LUMPUR: RHB Banking Group (RHB), in collaboration with Payments Network Malaysia (PayNet), has launched the DuitNow QR (DNQR) Sound Box with Keypad which features Dynamic QR, marking a significant advancement in the group’s efforts to combat financial fraud.

The DNQR Sound Box with Keypad is an innovative device supporting both static and dynamic QR payments, designed for seamless transactions, reducing human error and enhancing operational efficiency.

Equipped with an integrated calculator function, it accelerates payment processing, making it particularly beneficial for high-volume transaction environments such as food and beverage outlets and retail stores.

RHB group wholesale banking managing director Datuk Fad’l Mohamed emphasised, “The DNQR Sound Box with Keypad which features Dynamic QR, exemplifies our commitment to safeguarding merchants and consumers in an increasingly digital landscape.

“Real-time voice and visual alerts provide reassurance and security, effectively mitigating risks associated with cashless transactions.”

Introduced in December last year, RHB pioneered the DNQR Sound Box to safeguard transactions by way of voice and display notifications upon payment receipt while also combating fraud. The bank has successfully deployed nearly 7,500 DNQR merchants, of which 8,700 touch points were equipped with a DNQR Sound Box.

This initiative has seen a substantial uptick, with over 1,800 new-to-bank merchants onboarded, witnessing a 112% increase in DNQR transactions from over 260,000 to close to 552,000, and transaction values rising from RM12mil to RM26mil within eight months.

“We are thrilled to unveil the enhanced DNQR Sound Box with Keypad, a testament to our commitment to advancing financial innovation. This device embodies our vision under the “Together We Progress 2024” (or TWP24) strategy, aimed at fostering inclusive growth across Malaysia.

“By year-end, our goal is to ascend to Malaysia’s Top 3 DuitNow Banks and significantly expand our DNQR network, empowering businesses and consumers alike in the digital economy revolution,” added Fad’l.

In alignment with Bank Negara Malaysia’s fraud prevention initiatives, RHB continues to innovate to meet evolving customer needs.

“Our focus is on empowering businesses, especially micro, small and medium enterprises (MSMEs), with tools to safeguard against financial fraud. Starting with suburban MSMEs and expanding to high-volume transaction businesses, we aim to drive greater cashless payment adoption and contribute to Malaysia’s digital economy.”

Combating fraud yields broad economic benefits, enhancing stability, operational efficiency, and public trust while reducing financial losses. The collaboration with PayNet underscores a shared commitment to bolster payment security and foster an inclusive financial ecosystem.

PayNet commercial division senior director Azrul Fakhzan Bin Mainor stated, “At PayNet, we believe that innovation and security go hand in hand. Our collaboration on the DNQR Sound Box with Keypad with RHB underscores our dedication to creating a secure, efficient, and inclusive digital payment landscape.

“By supporting the cashless agenda, we aim to drive greater adoption of digital payments, empowering businesses, and consumers alike to engage in safer, more efficient transactions. Together, we are committed to protecting consumers and merchants while advancing the nation's digital economy.”

For more information about the DNQR Sound Box with Keypad, visit www.rhbgroup.com/dnqrsoundbox

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Starpicks

Tanapat claims Toyota Tour Title amidst fierce competition
Exploring the link: HIV and dermatology
Uniting generations through flavour
Ormand Group ascends Hakuba’s snowy peaks
A TASTE OF HOLIDAY MAGIC
Exclusive MSME broadband offers with Unifi Device Fiesta
Experience exciting living with AI
QUAYSIDE JBCC SWEEPS FOUR TOP DESIGN AWARDS
Shaping future-ready doctors: Revolutionising medical education for a global world
Adelaide University in the global race for progress

Others Also Read