PayNet’s DuitNow QR is described as Malaysia’s National QR Standard under Bank Negara’s Interoperable Credit Transfer Framework. Through DuitNow QR’s interoperability, any compliant QR code can take payments from any participating banks and eWallets, the company says. This means that TnG eWallet users will soon be able to transfer funds to bank accounts and other eWallets.
The TnG eWallet will then be part of the DuitNow ecosystem, which currently counts 40 banks, nine of which are already using DuitNow QR in their in-house apps. The other banks, eWallets and non-bank acquirers are expected to implement the unified QR code over the next six to nine months, SoyaCincau reported.
As for TnG eWallet, it will be available on DuitNow by July this year, and the plan is to transition all its merchants to the DuitNow QR code. Once that’s done, merchants need to only display one QR code to accept payments from over 22 million Malaysian bank and eWallet accounts. At present, the TnG eWallet has nine million users and 135,000 merchants.
“We are thrilled to be expanding Touch n Go eWallet by becoming part of the DuitNow eco-system. As a brand, we constantly strive to make our eWallet accessible at all touchpoints by providing a seamless transaction experience. Our users and merchants are our utmost priority, and we strive to enable a seamless cashless experience for all,” said TNG Digital CEO Ignatius Ong.
“We can now proudly say we stand with PayNet as they rally to do the same. Merchants will now be able to run their businesses hassle-free knowing that users can seamlessly transact with their Touch n Go eWallet through the DuitNow National QR Standard,” he added.
According to DuitNow, GrabPay, BigPay, FavePay and ShopeePay will also support the unified QR standard.