DuitNow allows customers to transfer money securely and instantly using recipients mobile number.

Ever wonder if you can receive money without providing your bank account details? We live in an era where almost everybody owns at least one mobile phone number. To register a local mobile phone number in Malaysia, it is so much easier than opening a local bank account in Malaysia. Therefore, for Malaysian to accept this DuitNow service, it is anticipated to be much easier and faster. Moreover, many local banks take the initiative to register their customers mobile phone number with their bank account. 

Advantages & Disadvantages

Advantage No. 1:
“No more hassle remembering account numbers“. Your payer can instantly transfer money to your bank account without having your bank details. What he got to do is just copy and paste your mobile phone number from his phone contact and done. 
Verification of recipient account – The name of account holder will be displayed upon entering the recipient’s DuitNow ID number

Advantage No. 2:
Free of charge for transfer amount up to RM 5,000. 

Advantage No. 3:
24 hours 7 days round the clock instant service with security.  

Advantage No.4: 
Verification of recipient account – The name of account holder will be displayed upon entering the recipient’s DuitNow ID number

Disadvantage:
You need a local bank account to tie up with your DuitNow registered mobile phone number. If you don’t own any local bank account, you can’t use this service at the moment. 

When DuitNow available in Malaysia?

This service will be rolled out in December 2018. 40 local and foreign banks are expected to offer DuitNow.

Who is the DuitNow Service Provider? Does it secured by Bank Negara Malaysia? 

This new electronic payment service is provided by Payments Network Malaysia Sdn Bhd (PayNet). Bank Negara Malaysia is the single largest shareholder in the company and PayNet is supported by 11 major financial institutions as its joint shareholders.

Do I need to register for DuitNow?

To make DuitNow payments, you do not need to register.
To receive DuitNow payments via your mobile number, NRIC or Business Registration, you’ll need to do a one-time registration through your bank to link your bank account with your mobile number, NRIC or Business Registration number.

Bottom Thought
This is a great move for Malaysia society to go into e-wallet and e-payment era. I would personal looking forward to more of this kind of service to be rolled out and make our society into cashless and more secure. 

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