Zotapay payment service provider added a new payment method for Malaysia via DuitNow QR. The new payment method utilizes a quick response code (QR), allowing Malaysians to receive money from banks as well as eWallets mobile apps with a single QR code.
Zotapay is connected to over +500 banks, payment service providers, merchants and eWallets. DuitNow is a well-known Malaysian company, offering cashless solutions.
Public Bank Berhard, among the largest banks in Southeast Asia recently began using DuitNow for its clients.
Tan Sri Tay Ah Lek, CEO of Public Bank said, “Public Bank also prioritizes environmental, social, and governance efforts by providing greater financial inclusion for the unbanked in addition to enabling online merchants to easily accept payments in real-time through this new, cost-effective, and secure online payment solution.”
DuitNow was developed and owned by PayNet. Payments Network Malaysia Sdn Bhd (PayNet) is the national payment provider for financial market utilities. PayNet’s single largest shareholder is Bank Negara Malaysia (BNM).
Cashless Payments Rapid Growth
Since 2017 cash transactions in Malaysia have been reduced from 70% to only 39% in 2021.
source: statista
In 2017 only 1% of payments were via eWallets or digital/mobile wallets. In 2021 the stats spiked to 15%. There is a global trend for fast payments. Mobile wallets’ usage is rapidly growing across Europe and the United States.
In 2020 where the largest growth was seen in Malaysia, a survey that was carried in 2020 by Statista revealed that 50% of the respondents used QR payments. In Cambodia for example only 12% used QR payments,
ZotaPay, lead by CEO Abe Ziv, may rip the fruits of utilizing QR codes in Malaysia some time down the road. At the time of this writing, by 2024, the mobile payment market size is expected to hit 3 trillion.
Cashless transactions is where the world is currently heading. Once Central Bank Digital Currency (CBDC) will be the new norm, cash usage may gradually be part of a long-forgotten history.
Zotapay payment service provider added a new payment method for Malaysia via DuitNow QR. The new payment method utilizes a quick response code (QR), allowing Malaysians to receive money from banks as well as eWallets mobile apps with a single QR code.
Zotapay is connected to over +500 banks, payment service providers, merchants and eWallets. DuitNow is a well-known Malaysian company, offering cashless solutions.
Public Bank Berhard, among the largest banks in Southeast Asia recently began using DuitNow for its clients.
Tan Sri Tay Ah Lek, CEO of Public Bank said, “Public Bank also prioritizes environmental, social, and governance efforts by providing greater financial inclusion for the unbanked in addition to enabling online merchants to easily accept payments in real-time through this new, cost-effective, and secure online payment solution.”
DuitNow was developed and owned by PayNet. Payments Network Malaysia Sdn Bhd (PayNet) is the national payment provider for financial market utilities. PayNet’s single largest shareholder is Bank Negara Malaysia (BNM).
Cashless Payments Rapid Growth
Since 2017 cash transactions in Malaysia have been reduced from 70% to only 39% in 2021.
source: statista
In 2017 only 1% of payments were via eWallets or digital/mobile wallets. In 2021 the stats spiked to 15%. There is a global trend for fast payments. Mobile wallets’ usage is rapidly growing across Europe and the United States.
In 2020 where the largest growth was seen in Malaysia, a survey that was carried in 2020 by Statista revealed that 50% of the respondents used QR payments. In Cambodia for example only 12% used QR payments,
ZotaPay, lead by CEO Abe Ziv, may rip the fruits of utilizing QR codes in Malaysia some time down the road. At the time of this writing, by 2024, the mobile payment market size is expected to hit 3 trillion.
Cashless transactions is where the world is currently heading. Once Central Bank Digital Currency (CBDC) will be the new norm, cash usage may gradually be part of a long-forgotten history.
Source: https://www.financemagnates.com/fintech/zotapay-reach-malaysian-clients-via-duitnow-qr-standard/