Finance Minister Lim Guan Eng launched the Cashless Ecosystem for Cyberjaya, making Cyberjaya the first city to adopt the national QR code standard, DuitNow QR. Cyberjaya’s new cashless ecosystem is a collaboration between Cyberview and PayNet, the nation’s shared payment infrastructure provider.
“Cyberview will spearhead this with our partner, PayNet, to encourage more businesses to adopt cashless solutions and further ease payment transactions for communities in Cyberjaya,” said Cyberview Managing Director Mohd Najib Ibrahim.
DuitNow QR is established under the Bank Negara Malaysia Interoperable Credit Transfer Framework (ICTF). PayNet group CEO Peter Schiesser explained that the DuitNow QR standard allows a merchant to sign up with one acquirer, which will then eventually enable 22 million bank customers and millions of e-wallet customers to make payments.
Currently, nine banks are offering DuitNow QR in their mobile banking apps, with 23 banks and 4 major e-wallets expected to implement the QR standard over the next six months. The first bank to sign up for DuitNow QR was Public Bank in August of last year, whereas GrabPay made headlines as the first e-wallet to do so in November 2019.
The ongoing implementation of the national QR standard is a welcome development as the government pushes for increased cashless payments adoption in Malaysia – through programmes like the recent e-Tunai Rakyat initiative.
(Source: The Malaysian Reserve)