Malaysian consumers can now conduct instant P2P payments using just the recipient's mobile phone, passport or identity card numbers with the go-live of the country's Real Time Payments platform.
Instituted by the central bank and a coalition of local banks, Payments Network Malaysia Sdn Bhd (PayNet) has completed the first phase of a fundamental overhaul of the country's payments plumbing.
Powered by ACI Worldwide's UP real-time payments platform, the initial deliverable, dubbed 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.
Peter Schiesser, group CEO, PayNet, says: “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."
Following the launch of DuitNow, PayNet and ACI are now focused on the progressive introduction of new payments 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.
PayNet is also looking beyond its own borders for future development. "PayNet’s vision goes beyond just Malaysia," says Schiesser. "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."
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