Shopee has announced that its e-wallet, ShopeePay, will soon join the DuitNow ecosystem operated by Payments Network Malaysia (PayNet). It is the first e-wallet of an e-commerce platform to do so.
The new partnership means that Shopee users will soon be able to instantly and seamlessly transfer funds between their ShopeePay and bank accounts, as well as with other e-wallets. However, these transfers are only possible if the banks and the other e-wallets are also part of the DuitNow ecosystem. Currently, as many as 40 banks and 5 e-wallets have registered their participation in the DuitNow ecosystem.
Shopee’s collaboration with PayNet also means that ShopeePay will be adopting the DuitNow QR, Malaysia’s national QR standard. In other words, Shopee users can soon shop with offline merchants that accept payments via DuitNow QR.
Additionally, the Shopee-PayNet partnership will see the e-commerce platform being involved in the pilot launch of DuitNow’s second phase, dubbed DuitNow 2.0. DuitNow 2.0 will introduce several new payment and collection solutions, such as request-to-pay, real-time debits, and consents on-file.
Request-to-pay is essentially a safer and more convenient payment method that can be used at a participating merchant’s e-commerce website or app. Real-time debits and consents on-file, on the other hand, let customers enable their accounts to make recurring payments to merchants.
“We are excited to have Shopee as an early adopter of DuitNow 2.0 which will allow Shopee customers to shop and checkout seamlessly. The combination of real-time debits and consents on-file will significantly improve the payment process, and customers can enjoy a convenient and hassle-free transaction,” said the group chief executive officer of PayNet, Peter Schiesser.
DuitNow was first launched in 2018, and is an interoperable system that enables real-time money transfers between e-wallets and banks. Unlike conventional fund transfer services which require the recipient’s bank account number and bank name, DuitNow transfers funds using your DuitNow ID instead. This could be your mobile numbers, MyKad, or business registration numbers.
(Source: FintechNews Malaysia)