28th February 2022 - 2 min read
Public Bank has officially launched the DuitNow Online Banking/Wallets services, a new secure online payment solution that will better facilitate real-time payment acceptance among Malaysians and drive the country’s digital economy. This makes it the first bank to introduce the service in Malaysia.
In a press release, the bank explained that the DuitNow Online Banking/Wallets service – which is operated by Payments Network Malaysia Sdn Bhd (PayNet) – will enhance existing payment gateways (for online banking and e-wallets) through simple redirection. This, in turn, will enable e-commerce and m-commerce merchants to accept and receive their payments even more conveniently. Meanwhile, customers of the merchants can expect to experience an even “more seamless cart-to-checkout journey all in one place.”
“Providing the latest service in line with customers’ demand for convenience and security, Public Bank also prioritises environmental, social, and governance (ESG) efforts by providing greater financial inclusion for the unbanked in addition to enabling online merchants to easily accept payments in real-time through this new, cost-effective, and secure online payment solution,” said the managing director and chief executive officer of Public Bank, Tan Sri Tay Ah Lek. To note, Public Bank had actually quietly rolled out the DuitNow Online Banking/Wallet service much earlier in January 2022, but is only officially announcing it today.
The group chief executive of PayNet, Peter Schiesser also chimed in to highlight the benefits of this new service for merchants, especially since payments made using internet/mobile banking have witnessed a dramatic upsurge in the last two years.
“With this [upsurge] in mind, DuitNow Online Banking/Wallets was designed to elevate the user experience through a more seamless checkout process with the option of application-to-application payment redirection, which significantly reduces payment friction and cart abandonment,” said Scheisser. The new service is also expected to further expand the DuitNow ecosystem to include other digital wallets as it maintains compatibility with participating financial institutions.
Aside from Public Bank, several other parties, too, have already signed up to enable the DuitNow Online Banking/Wallet service. Razer Merchant Services (RMS), for instance, was the first merchant acquirer to enable to full suite of payment channels offered by PayNet back in December 2021 – which includes DuitNow Online Banking/Wallet. Shopee, too, appears to have enabled it.
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