DuitNow is Malaysia's real-time payment system designed to simplify the way people and businesses transfer money and complete transactions. Operated by Payments Network Malaysia (PayNet) and regulated by Bank Negara Malaysia (the country's central bank), DuitNow offers a range of digital payment services, including DuitNow Transfer, DuitNow QR, and DuitNow Requests.
As Malaysia moves toward a fully digital economy, DuitNow has set the foundation for inclusive, real-time, and reliable financial transactions. With its integration into nearly all major banks and e-wallets, DuitNow is the payment method of choice for millions of Malaysians.
For e-commerce merchants who want to expand into Malaysia, accepting DuitNow payments is crucial. Read on to learn more about DuitNow's key features and benefits, and how online merchants can accept it as a payment method.
Launched in 2018, DuitNow is an electronic transfer service that facilitates money transfers within Malaysia using mobile phone numbers instead of bank accounts. By doing this, DuitNow aims to boost financial inclusion in Malaysia by enabling digital transactions for people without bank accounts. The service assigns each user a DuitNow ID, such as a mobile number, national ID, or email address. Individuals with bank accounts can also link these accounts to their DuitNow ID, making money transfers quicker and more seamless.
DuitNow has since expanded its service offerings, including QR code payments and electronic payment requests.
DuitNow streamlines the transaction process for customers and businesses by using innovative, easy-to-use payment methods:
DuitNow Transfer is the platform's most commonly used feature, allowing users to transfer money to friends, family, or businesses. All you need is the recipient's DuitNow ID, such as their mobile number, email, or national ID. Alternatively, you can send money directly to a bank account if you have the account number.
Steps to use DuitNow Transfer:
DuitNow QR is a standardised QR code payment system that enables users to make payments to merchants or peers by simply scanning a QR code. It's widely accepted across Malaysia, from retail stores to e-commerce platforms.
As of December 2024, over 40 bank and non-bank players have adopted DuitNow QR. DuitNow QR transactions have more than doubled — from 125 million transactions valued at RM5.5 billion in 2022, to 360 million transactions valued at RM14.6 billion in 2023.
How DuitNow QR works:
DuitNow Request allows individuals or businesses to send requests for money to other users. This feature is especially useful for invoicing or splitting bills among friends and colleagues.
How DuitNow Request works:
DuitNow Online Banking/Wallets is a service that provides app-to-app, app-to-web, web-to-web redirection from online shopping carts to payment apps. Customers on e-commerce and m-commerce sites can select the DuitNow Online Banking/Wallets option upon checkout. The service automatically redirects the customer to their preferred online bank or e-wallet app.
Through this service, merchants can collect recurring payments from customers after the customer provides their consent. The customer only has to give consent once, when they initiate the payment; the subsequent monthly collections are done automatically. DuitNow AutoDebit enables payment collection from current accounts, savings accounts, line of credit accounts, and e-wallets.
Malaysians travelling to Indonesia, Singapore, Thailand and China can use their mobile wallets or apps to scan QR codes from selected payment service providers. Alipay+ global merchants also accept DuitNow QR payments.
Conversely,travellers with Alipay+ partner e-walletsfrom China, Hong Kong SAR, Philippines, Mongolia, Macau SAR, Japan, South Korea and Thailand can also pay via DuitNow QR codes at merchant outlets in Malaysia. In fact, payments made through Alipay+ make up more than 80% of inbound QR paymentsvia DuitNow in the country.
Both businesses and consumers can benefit from DuitNow's rich feature set and advantages over traditional cash payments.
DuitNow places a strong emphasis on ensuring secure transactions for users:
First-time DuitNow users should be aware of key limitations on transactions.
Getting started with DuitNow is quick and straightforward for customers and merchants alike.
DuitNow simplifies payments for individuals and businesses, combining speed, security, and convenience. Its wide acceptance and real-time capabilities make it ideal for fast, cashless transactions — whether you're accepting payments, paying suppliers, or transferring money across banks.
The interoperability provided by DuitNow also encourages financial institutions and consumer companies to keep up with digital finance technology, driving innovative product offerings for various merchant segments.
DuitNow's QR code payments also lower costs for merchants, since it doesn't require them to rent point-of-sales terminals needed to accept credit card payments. Through its connection to other international payment systems like Singapore's NETS, Thailand's PromptPay, and Indonesia's QRIS, it also allows merchants to accept paymentsin different currencies.
By accepting DuitNow payments, merchants gain the following benefits:
DuitNow is transforming the way money moves in Malaysia by offering quick, secure, and seamless payment solutions. From instant fund transfers to unified QR code payments, DuitNow caters to the needs of both consumers and businesses.
With its strong backing by Bank Negara Malaysia and nationwide acceptance, DuitNow is a step toward a more efficient and connected financial future.
Whether you're managing personal finances or running a business, DuitNow provides a trusted and innovative way to handle all your transactions. Reap competitive benefits by integrating DuitNow into your online store via a payment platform like Antom. Contact us to learn more about DuitNow and other payment methods around the world: https://www.antom.com/contact-us