4 Aug - 3 min read
Fave has become one of the latest payment apps to enable support for DuitNow QR, Malaysia’s unified QR standard. With this latest update, Fave users and merchants nationwide will be able to benefit from an easier, less cluttered payment process offered through the DuitNow QR ecosystem.
DuitNow QR is a common QR code that allows merchants to accept cross-channel payments from all customers of the 32 banks and e-wallets that are part of the DuitNow QR ecosystem. This means that you will no longer need to request for an app-specific QR code – such as Fave QR code for those who are paying with FavePay, or Grab QR code if you’re paying with GrabPay. Instead, you can just scan an available DuitNow QR code with any of the participating mobile banking apps and e-wallets.
With regard to Fave now supporting DuitNow QR, the payment app said that this is an important milestone for the platform to provide convenience to its users by simplifying the mobile payment landscape. Aside from enabling cross-channel payments, it will also improve real-time verification and reconciliation with the FaveBiz platform.
Additionally, consumers using Fave as their preferred choice will be able to reap rewards from merchants and earn up to 15% in cashback. This is on top of the option to tap into interest-free flexible payments with the recently launched buy-now-pay-later service, FavePay Later.
The founder of Fave Group, Joel Neoh further commented that the nation is seeing a surge in cashless transactions and an opportunity for greater user adoption due to Covid-19. “We’re proud to be one of the early non-bank merchant acquirers for DuitNow QR code and look forward to working closely with PayNet and their partners to enhance interoperability in Malaysia’s e-payments landscape and support merchants in their digitalisation journey,” he said. PayNet is the infrastructure provider that developed the DuitNow QR ecosystem.
Meanwhile, the director of retail payment services for Fave, Khairuan Abdul Rahman said that the inclusion of Fave in the DuitNow QR ecosystem will complement and broaden the range of available options to end consumers.
In its statement, Fave also projected that contactless tap-and-pay transactions will increase three-fold in Malaysia over the next few years with its entry into the DuitNow QR ecosystem. This is also in line with Malaysia’s MyDigital initiative, which seeks to accelerate the progress towards a completely cashless society by 2030.
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