DuitNow

DuitNow is a Malaysian money transfer service which allows real time payments between locally registered bank accounts.

It’s operated by PayNet², which is Malaysia’s national payments network, responsible for everything from ATM networks and FPX, to supporting bill payments, direct debits and cheque clearing. Bank Negara Malaysia is the biggest shareholder of PayNet, so you know it’s a well organised and fully regulated provider.

With DuitNow you can send an instant transfer to a friend or business, using just a mobile phone number, IC or business registration number. That means no need to carry cash and no need to look for bank account details when you need to make a payment. You can also pay merchants by scanning a simple QR, request money, and receive payments right to your bank account. More on the key DuitNow services available in Malaysia coming right up.

How to use DuitNow

Let’s move on to how DuitNow works. As we mentioned, there are several DuitNow services available:

• DuitNow transfer
• DuitNow QR
• DuitNow request³
• DuitNow cross-border⁴

We’ll look at DuitNow transfers, how to use a DuitNow QR code and how to receive money from DuitNow in more detail in a moment, as these are key services. Aside from these options, there’s also a cross-border service which is currently being rolled out.

At the time of writing the cross-border option is limited to allowing Malaysian merchants to take payments from Thai bank account holders using DuitNow - but if this service is successful, it’s likely more banks and more countries will be brought into the fold.

And if you’re wondering more generally - where can I use DuitNow? There’s good news. DuitNow is supported by an impressive range of providers, covering all the major banks in Malaysia, as well as Touch 'n Go wallet. GrabPay and ShopeePay are coming soon, too.

DuitNow transfer⁵

To make a DuitNow transfer all you’ll need to do is link your bank account to your mobile phone number, IC or other unique identifier. And best of all, the Duitnow transfer time is pretty much instant, so your money arrives almost as soon as you confirm the payment.

Most banks then have DuitNow embedded into their online and mobile banking systems, so making a payment is as simple as logging into your account and following a few steps. We’ll look at the processes with a few banks later - but this is the basic outline of what you’ll need to do:

1. Log into online or mobile banking
2. Find DuitNow under Funds Transfer or Send Money (depending on your bank)
3. Enter your recipient’s ID - usually a phone number is easiest
4. Add the payment amount
5. Check everything over, confirm, and you’re done

DuitNow transfers are free to use for payments up to 5,000 MYR, and land instantly in the recipient’s account. If you’re sending more than 5,000 MYR there may be a small fee - but many banks waive this charge.

DuitNow transfer limits do apply. Individuals can transfer up to 50,000 MYR per transaction - although your own bank and account may have lower limits than this.

DuitNow QR⁶

When you’re paying a merchant you can also do so through the DuitNow QR. In this case, you’ll simply need to scan the merchant’s DuitNow QR to make a payment through your preferred bank account or e-wallet.

DuitNow QRs are compatible with lots of different banks and e-wallets so merchants don’t need to display multiple QRs to get paid. For you as the consumer it’s even easier:

1. Open the banking app or e-wallet you want to pay with
2. Scan the merchant’s DuitNow QR
3. Check the details and confirm to pay
4. You’ll get a confirmation the payment has gone through successfully

How to receive money from DuitNow

Before you can receive a payment through DuitNow you’ll need to register your account by adding your phone number, IC or other unique identifier to your preferred bank account. We’ll look at how to do that in more detail later.

Once your account is set up, you don’t actually need to take any action to get paid through DuitNow. Give the sender your phone number or IC information and your money will be automatically, and instantly, deposited into your account.