Categories: Halal BusinessTech

1 QR code for eWallet payments to ease Malaysia SMEs with DuitNow

With Covid-19, the use of physical cash can become a health risk. Last year, the World Health Organization (WHO) had warned people about touching cash, as it potentially could spread the coronavirus. WHO had further advocated using contactless payments as a safer alternative.

Malaysia eWallet Adoption

In Malaysia, small business retailers are encouraged to accept contactless payments, especially via e-wallets. This was encouraged years before the pandemic, however, the take-up rate among small businesses was low, as they perceived a cost to business from using the e-wallets apps.

For Malaysian consumers, to promote the adoption of e-wallets, the government had given cash incentive in the form of a RM20 credit in 2019 and a RM50 credit in 2020 into one of the three mobile-wallets of the recipient’s choice. This is part of the overall government objective of digitizing the economy and growing the country’s fintech sector.

A Pandemic Boost

With the pandemic, e-wallets usage grew tremendously with one e-wallet company revealed a ten-fold increase in its app usage. According to a Mastercard study, Malaysia has the highest adoption rate among the countries in the ASEAN region. However, there are a proliferation of e-wallets available in Malaysia, with over 50 ewallets available.

Some of the more popular ewallets in Malaysia

However, as most local consumers and mobile-wallet users know, paying with e-wallets can sometimes be more troublesome. Some retailers accept only certain e-wallet companies, which consumers may not use or have enough balance in that e-wallet, as they have their preferred e-wallet.

DuitNow 1 QR Code

Luckily, that is now changing, thanks to DuitNow, which is introducing QR codes for individuals and businesses to use. DuitNow was previously only available via online banking transfer and via mobile phone numbers. With DuitNow QR codes, retailers and small business owners can display their QR code to receive money from customers from any Malaysian banks without revealing their bank account details.

Your Details are Our AMANAH
Get our weekly newsletter

The advantage for small businesses includes instant receiving of funds directly into their bank account and no fees charged up to RM5,000. This is certainly an advantage over e-wallets, which charge a fee to users to transfer funds into their bank accounts, with a delay of at least one day, if not more.

Individuals can also show their own QR codes to receive funds. This would work well with street vendors as well as those who are eligible for pocket money or ang-pows.

Recent Posts

SAUDIA Becomes First Airline to Offer “Your Ticket Your Visa” Service

Jeddah: Wednesday, February 1, 2023 - SAUDIA, the national flag carrier of SaudiArabia, has announced the launch of "Your Ticket… Read More

February 1, 2023

7 Lessons from the Qatar World Cup —Islamic Message Muslims Can Learn From

Despite Western media bias against the World Cup 2022 held in Qatar, the Qatar 2022 World Cup is praised as… Read More

December 22, 2022

Qatar Hadith Murals Introduces Islam to FIFA World Cup Visitors

Qatar has placed several murals in public spaces bearing Prophet Muhammad’s sayings, written in English and Arabic, to welcome incoming… Read More

November 10, 2022

Tapping into the Lucrative Muslim Market by Making the Haram into Halal

The global Islamic and halal markets is said to be worth USD2 trillion dollars where Muslims around the world spent… Read More

November 1, 2022

MDEC Launches My Digital Maker Fair 2022 in Malaysia

CYBERJAYA, 19 OCTOBER  2022 – Returning for its sixth year, Malaysia Digital Economy Corporation (MDEC), the nation’s lead digital economy… Read More

October 20, 2022

Towards a Unified Halal Certification with OIC SMIIC Halal Standards

The halal industry is growing rapidly, but it has not reached its full potential. While there are increasing demands for… Read More

October 14, 2022