RHB Bank has collaborated with Payments Network Malaysia (PayNet) to roll out the DuitNow QR Plug & Play sound box, which chimes an auditory alert and provide a visual display when transactions are made. It is essentially an electronic scam prevention tool that is aimed at combatting financial fraud more efficiently.

According to RHB, the sound box supports both static and dynamic QR codes, and can be seamlessly integrated into a merchant’s point-of-sale system. When a merchant successfully receives a DuitNow transfer, the sound box will emit a sound, along with a visual display, to notify the merchant that he or she has received the correct payment amount. This provides real-time reassurance for both parties.

RHB further said that this new device will be deployed first to micro, small and medium enterprises (MSMEs) in suburban locations in December 2023, as part of its joint efforts with PayNet to drive financial inclusion. Following that, the solution will be rolled out to businesses with high financial transaction volume by January 2024. These include food and beverages (F&B) outlets, grocery stores, night markets, and various other retailers.

Managing director of group wholesale banking at RHB, Syed Ahmad Taufik Albar said that the introduction of the DuitNow QR Plug & Play sound box addresses the public’s concern regarding payment security issues, especially with the increasing reliance on cashless transactions.

“While we cannot dispute the value of QR codes to ease financial transactions, we acknowledge the security risks involved. These include fake QR codes that deceive consumers into transferring their money to a scammer’s bank account, or dishonest customers who use a fake payment receipt to trick merchants into believing that payment has been made,” said Taufik.

Taufik also noted that the sound box reflects RHB’s ongoing commitment to protect its customers from fraudsters who are constantly looking for ways to exploit the convenience of cashless payments. He hopes as well that the sound box will further instil confidence in more business owners to adopt cashless payments, thereby building a more inclusive financial ecosystem.

Similarly, chief commercial officer of PayNet, Gary Yeoh said that the DuitNow QR Plug & Play sound box will help to strengthen security in payment digitalisation and encourage businesses to go cashless. “This initiative will enable businesses and users to enjoy the benefits of payment digitalisation without compromising security, reliability, and ethical standards. This is consistent with Malaysia’s Digital Economy Blueprint to create a digital environment that is trusted, secure, and ethical,” he said.

(Sources: RHB, FintechNews Malaysia)

• TAGS:
• DuitNow QR Plug & Play Sound Box
• Financial Scams
• Gary Yeoh
• Malaysian Digital Economy Blueprint (MyDIGITAL)
• Payments Network Malaysia
• Payments Network Malaysia Sdn Bhd (PayNet)
• RHB Bank
• Scams
• Syed Ahmad Taufik Albar