Fave, the Southeast Asian smart payments app, has become a non-bank participant of Real-time Retail Payments Platform (RPP) with Payments Network Malaysia Sdn Bhd (PayNet).
The link means the firm will be able 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.
Joel Neoh, Founder of Fave Group, commented: “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.
“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.”
It builds on the rapid growth of QR Codes worldwide, as they have been an invaluable tool in allowing merchants and firms to open and operate, whilst combating the spread of the coronavirus.
Khairuan Abdul Rahman, Director of Retail Payment Services added: “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.”
