Fave, Southeast Asia's smart payments app, is now a non-bank participant of Real-time Retail Payments Platform (RPP) with Payments Network Malaysia Sdn Bhd (PayNet) to offer DuitNow QR, Malaysia's national QR standard to merchants in the country. It functions as a common QR code that enables merchants to accept payments from all users of 32 participating banks and e-wallets in the DuitNow ecosystem. The introduction of FavePay DuitNow QR will enable customers to use a single preferred QR code to make payments at 20,000 restaurants and retailers nationwide using the Fave app or other digital wallets and mobile banking apps.
With QR-based mobile payments becoming a major trend and seen as a viable alternative for cash in Malaysia, the Fave enabled DuitNow QR code is an important milestone on Fave’s platform to provide more convenience to merchants. It aims to simplify the mobile payment landscape while allowing merchants to gain access to 32 participating banks and major e-wallets as well as declutter all outlets storefronts from multiple QR codes. This move will propel merchants to not only accept cross-channel payments, but also improve real-time verification and reconciliation with the FaveBiz platform.
For customers, the positive transition to DuitNow QR code allows them to make convenient and fast payments with their choice of digital banking apps and e-wallet providers. Consumers using the Fave app as their preferred payment app will be able to reap rewards from merchants and earn up to 15% in cashback as well as opt-in for interest-free flexible payments with FavePay Later.
"More Malaysians are abstaining from paying with physical currency due to COVID-19 and MCO; we are seeing a surge in cashless transactions and an opportunity for greater nationwide user adoption. 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," said Joel Neoh, Founder of Fave Group.
Mr Neoh added, "The new FavePay DuitNow QR code in addition to FavePay Later provides an easy exchange of value at a time of pent-up demand for both users and merchants while allowing them to double down on savings, discounts and interest-free payments that is unique to Fave's platform."
“The prevailing environment has resulted in growing acceptance of cashless payments among Malaysians and provides the impetus needed for increased usage of QR codes for payments. Having Fave in our DuitNow QR ecosystem will complement and broaden the range of available options to end-consumers,” said Khairuan Abdul Rahman, Director of Retail Payment Services.
Consumer behaviour is changing in parallel with technology. As most Malaysians have embraced the use of smartphones with internet users reaching a high of 88.7% last year, an increase of 1.3% from 2018 according to Malaysian Communications and Multimedia Commission (MCMC), contactless tap and pay transactions is projected to increase three-fold in Malaysia over the next few years with Fave’s entry into the DuitNow QR ecosystem.
The recent MyDigital initiative, which includes the Malaysia Digital Economy Blueprint exemplifies the government's commitment to strengthen the digital ecosystem in various ways that will accelerate the progress towards a completely cashless society in Malaysia by 2030. These initiatives are also a starting point for 875,000 micro, small and medium enterprises (MSMEs) to transition to a digital platform.
Fave recently launched its ‘buy now, pay later’ (BNPL) service in Malaysia and Singapore, providing over 6 million Fave users with instant access to interest-free credit to be used at over 40,000 stores as a pilot. Fave will be democratising payments by partnering and integrating with DuitNow QR to offer Fave's cashback loyalty and BNPL solutions to their users in the near future.
To receive more cashbacks and savings, customers are encouraged to look out for FavePay DuitNow QR at their favourite restaurants and retailers. For more rewards, download the Fave app: https://myfave.com/download.