Fave partners with PayNet to be first non-bank merchant acquirer for DuitNow
KUALA LUMPUR: Payments Network Malaysia (PayNet) and Fave have formed a strategic partnership that will herald FaveBiz as the first non-bank merchant acquirer to offer DuitNow QR, tMalaysia’s QR standard to merchants in the country. The companies, in a joint statement today, said from early next year, participation in DuitNow QR will fuel Fave’s target of enabling 100,000 small and medium enterprises (SMEs) with cashless payments and digital solutions.
As part of the rollout, Fave will assist merchants in Malaysia to adopt DuitNow QR and enable them over time to accept payments from customers of 29 banks as well as major e-wallets.
Fave will provide seamless and consolidated reconciliation for merchants on the one-stop FaveBiz platform.
“With DuitNow QR, a merchant will only need to sign up with one acquirer, and customers of all participating banks and e-wallets would be able to make DuitNow QR payments to merchants using their respective mobile apps,” PayNetgroup chief executive officer Peter Schiesser said.
He added that 22 million bank customers as well as millions of e-wallet users will soon be able to pay with DuitNow QR at Fave merchants.
Joel Neoh, founder of Fave Group, said the partnership came at a pivotal time as Malaysia embarks on the “new economy” where digitalisation and the usage of e-wallets are facing an upward trajectory.
“We are thrilled to become the country’s first non-bank merchant acquirer allowing businesses to adopt DuitNow QR and catalyse higher adoption of digital payments while reducing the operational hurdles of managing multiple QR codes, platforms and reconciliation of various sources of payments.”
Fave is expected to end the year with exponential growth by processing over RM1 billion in cashless transactions from over 30,000 merchants in Malaysia, Singapore and Indonesia.
The company said the growth had been three-fold this year, signifying its strong efforts to boost revenue for its local merchants in each market which will continue to scale next year with Fave’s entry into the DuitNow QR eco-system.