DuitNow enables merchants to accept payments from 18 Malaysian banks with online banking. Merchants can display one of the following options on their checkout page: the ‘Merchant Checkout’, where they show all 18 bank logos, or the ‘Bank Selector’ page, where they display an alphabetical dropdown list of the same 18 banks.
Consumers choose their bank and pay with an instant bank transfer via online bankingBanks include Maybank, CIMB Bank, Public Bank, Bank Islam, Hong Leong Bank, RHB Bank, Ambank, Alliance Bank, Bank Kerjasama Rakyat Malaysia, Affin Bank, OCBC Bank, Standard Chartered Bank, United Overseas Bank (UOB), Bank Simpanan Nasional, Bank Muamalat, Hongkong and Shanghai Banking Corporation (HSBC), Kuwait Finance House, Agrobank.
- Bank Transfer dominates e-commerce payments in Malaysia, accounting for 45% of all e-commerce transactions, and is expected to rise to 50% by 2024 (JP Morgan).
- DuitNow replaces the very popular FPX which is being withdrawn from the market at the end of 2023.
- Through one DuitNow connection, merchants offer consumers access to 18 bank payment channels, giving them access to millions of Malaysian consumers.
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