BigPay has become the latest e-wallet to join the growing DuitNow ecosystem as it has announced a partnership with Payments Network Malaysia (PayNet).
The partnership will allow BigPay users to make instant domestic fund transfers by keying in the recipients’ mobile, MyKad, passport, or registration numbers. They will also be able to transfer to those who do not have a BigPay account, thus making for a more convenient transfer method.
BigPay users will also be able to make QR payments at various merchants as BigPay adopts the DuitNow QR, Malaysia’s national QR code standard. The DuitNow QR is essentially a common QR code that allows customers to pay using any of their preferred mobile payment methods, as long as the bank or e-wallet is part of the DuitNow ecosystem. This adds to BigPay’s existing functions, which currently lets you make payments at point-of-sale terminals and withdraw money from ATMs (locally and abroad) via its physical prepaid card.
“We’ve always pushed for more choice, lower costs, and more interoperability when it comes to payments and transfers. It’s the reason we chose to combine a mobile app with a card that you can use with millions of merchants worldwide. Joining the DuitNow ecosystem was the next logical step,” said the chief executive officer of BigPay, Christopher Davison.
BigPay is scheduled to go live on DuitNow later this year, and will also be one of the early participants in the launch of DuitNow’s second phase, dubbed DuitNow 2.0. The second phase will see participating banks and e-wallets benefitting from new payment options, such as request-to-pay, real-time debits, and debit consents on-file.
Prior to BigPay’s inclusion, GrabPay was the first e-wallet to join the DuitNow ecosystem, followed by Touch ‘n Go eWallet. ShopeePay also became the first e-wallet of an e-commerce platform to do so.
(Source: FintechNews Malaysia)