Duit Now – A new way to make payment with your mobile number

DuitNow – Is a new way for us to make the payment and transfer to other people just using their mobile number, NRIC number or business registration number instantly anytime, anywhere. It’s changed the way of we use to make payment or transfer money to others. In the old day, we may need to ask for the recipient bank account number, and which bank to transfer as well as the account name for the confirmation.

DuitNow streamline the process by linking one of the following IDs with your bank account or e-money account at the participating banks and payment providers:

• – Mobile number
• – NRIC number
• – Passport number
• – Business registration number (only SSM-Registered business)

 

To register for the DuitNow:

1. 1. Logon to the Mobile and Internet Banking of your bank or the mobile apps of participating payment providers.
2. 2. Look for DuitNow under ‘Funds Transfer’ or ‘Send Money’ menu.
3. 3. Perform a one-time registration for DuitNow by linking your IDs (e.g. mobile number, NRIC number) with your bank accounts or e-money accounts.

You may register multiple ID as long as the ID able to be verified by the bank, however, one ID can only be registered to one bank account.

To perform the fund transfer:

1. 1. Logon to the Mobile and Internet Banking of your bank or the mobile apps of participating payment providers.
2. 2. Look for DuitNow under ‘Funds Transfer’ or ‘Send Money’ menu.
3. 3. Enter the recipient’s ID and confirm the transfer details. Money will be transferred to the recipient’s account instantly.

 

DuitNow offering the free charges for customer to send and receive money up to RM 5,000. For the transaction which above RM 5,000, a RM 0.50 fees may be applicable. However, some banks are waiving this fee. Consumers may transfer up to RM 100,000 per transaction at banks. Businesses may transfer up to RM 100,000,000 per transaction at banks. (The limit may vary depending on your bank’s channels. e-Money payment providers will have lower limits)

As the name suggests (read: do-it-now), DuitNow transfers occur immediately and recipients will usually receive money in their bank account or e-money account instantly. DuitNow supports future dated and recurring transfers where you can save up your time to schedule all your routine transaction in your online banking and forget about it.

I can see it’s actually a very good sign of the growing of FinTech in Malaysia, because by the new innovation and restructure the way of people use to doing thing, can easily foresee we going to the cashless environment very soon. Hopefully not far from now, wallet no longer a compulsory belonging that we need to carry every single day, but smart phone will replace it.

I remember attended to a seminar where the speaker is from China, he mention that in their country, if you bring wallet without mobile phone, it’s not mean that you can continue your day, but if you only bring only your mobile phone with you, than you have no problem to do your daily routine such as buy food, call for taxi, take public transfer, everything just as usual.

Hopefully one day we will experience the same thing in Malaysia also.