Soon you can transfer money to any Malaysian bank account with just a mobile or IC number | SoyaCincau.com


Soon you can transfer money to any Malaysian bank account with just a mobile or IC number

Posted:  October 13, 2018   By:    32 comments   


PayNet DuitNow

Usually, when it comes to fund transfers, you’ll need the person’s name, bank and the actual account number. These numbers can get really long and they are hard to remember. Soon, there’s an easier way to send money to any bank account in Malaysia and all you would need is the person’s mobile number.

DuitNow is an interbank fund transfer service that’s introduced by PayNet, the network that handles MEPS, FPX and Interbank GIRO (IBG). To simplify fund transfers, DuitNow will use your personal ID which could be your mobile, NRIC or passport number as a substitute to your bank account. For businesses that are registered under SSM (Suruhanjaya Syarikat Malaysia), your business registration number can be used as well.

To get started, your mobile number must be registered first and your DuitNow ID can only be linked to a single bank account at any one time. If you have multiple mobile numbers, it is possible to register for multiple DuitNow ID as long as it can be verified by your bank. DuitNow isn’t limited to Malaysians as foreigners can register using their passport or international mobile number.

It’s worth pointing out that you only need to register for DuitNow to receive money. Those who are not registered are still able to send money to mobile numbers that are DuitNow enabled. As an added verification, the registered account holder’s name will be displayed before you can complete the transaction. This is a safety net just in case you’ve keyed-in the wrong number.

The fund transfer is done instantly in real time and it’s free of charge for transfers up to RM5,000. A 50 sen fee may apply for transactions above RM5,000. Apart from one-time transfers, DuitNow also supports scheduled and recurring transfers, and you can also add a DuitNow ID as your favourite recipient with your online banking facility.

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DuitNow transfers are limited up to RM100,000 per day for consumers and up to RM100,000,000 per day for businesses. The actual transfer limit is also depended on your bank. According to DuitNow’s website, this feature will be available on internet and mobile banking apps of 44 banks in Malaysia as well as participating e-money mobile apps.

At the time of writing, it appears that some banks have started pre-registration and you might receive an SMS like the one sent below. The problem is this step is that usually a person might have multiple savings or current accounts with different banks.

Since you’re only allowed to link one bank account to your mobile number, your non-preferred bank account for receiving funds might be pre-registered automatically. If you don’t agree to the pre-registration, you can deactivate it before the given expiry date. After that, you will be able to manage your DuitNow ID on the respective bank channels once the service has gone live.

According to HongLeong Bank, DuitNow will be launched in December 2018. Before that happens, all customers are urged to update their mobile numbers with their respective bank. You can learn more on DuitNow’s website.

[ SOURCE, 2, 3]


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32 Comments for Soon you can transfer money to any Malaysian bank account with just a mobile or IC number

nokia3310

Skip….

Marsgt

Who is the owner of this company?

    KT

    Paynet. A subsidiary of bank negara.

JstNow

Is it secured? Since one company holds all our banking account and mobile? Didn't see any security certification from anywhere.

    Banker

    Yes. You already used their services thousands of times without you realising it. Bank to bank even ATM use them.

    Bank Negara Malaysia (BNM) is PayNet’s single largest shareholder, with eleven Malaysian’s financial institutions namely, Malayan Banking Berhad, RHB Bank Berhad, Public Bank Berhad, CIMB Bank Berhad, AmBank (M) Berhad, Hong Leong Bank Berhad, Affin Bank Berhad, Alliance Bank Malaysia Berhad, Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad and Bank Kerjasama Rakyat Malaysia Berhad, as joint shareholders.

    Tom

    PayNet is a wholly owned subsidiary of Bank Negara. They also operate JomPay. If you didn't trust BNM, I don't know who else will you trust.

      Mecha

      Oh. I only trust Allah The Almighty

Orange bubu

Oh dear… Malaysians are advised to read more… Not on Facebook!

    Kangkung

    You mean Instagram and Twitter ? I found lots of info in FB to be honest.

      Mat

      What’s the big deal? We can already do transfers of funds via online banking, e.g. CIMB clicks, maybank2u etc.

        Airil Izlan

        Maybe they are pushing for cashless, before apps like razer pay becomes mainstream. Wonder why PayPal doesn’t do this. They’ll fly easily.

        time to bank

        it is real big deals for the sake of convenience…
        imagine you dont have to enter the account number but instead entering the phone contact and even link to your contact books…

Antonio

One mobile number to one account is big turn down.

    Leshie

    It makes mobile number essential for every situation.

Orthodox

I smell crimes…
By online banking we used id,password& security question that other ppl wouldn’t know.
Now with this “simple” method, we might also lose money in a night. Stranger might unlock ur phone via fingerprint/face while u sleep, key-in their own number…and transfer whatever amount they want. Since ur TAC would be the same phone number.
Ironically, our law didn’t cover this chapter yet. Report to authority & we are to be blame because we “approved” the transaction our own…but yes in sleep.

#Banzai
#iLoveThisTech
#ImpossibleIsPossible
#SmartphoneBecomeUrEverything

    Sim

    Well, this makse police life very easy.

    Police just need to find out whose account does it belong to. Everything now is traceable.

    Unlike in real life, the stranger will just open your wallet and take your money when you sleep! No trace at all.

    Spider pig

    Why stop at putting your own mobile number? Quickly empty the account la and transfer all to yourself. Oh, you forgot the password part? For a thief, you are really not that bright. Please stick to stealing candy from baby.

Lim

Is it safe to reply “opt out” option via sms reply? Anyone knows?

    site lurker

    after gotten the message from Ambank, and after some research I found that I do not not need this feature enabled thus I have sent an opt out reply. If say one day I really need to use that feature I can just re-enable it

Pinggit

i have been waiting for this for long!!
good move!

WhoopsUp

Sounds like another crony job…

Free now pay later…

Is Bank Negara a profit making Financial Institution or a Regulatory body ?

Was the commercial banks arm twisted into making this happen ?

Sounds like the Judge and the lawyer are the same person presiding on a case….

    uproot

    We have been paying MEPS interbank fees for years, and nobody bats an eyelid. The service is provided from the same company, Paynet

Lawrence

When your replied the SMS to reject the enrollment, how did you know that the SMS actually came from CIMB? When you replied "NODN", how did you know you were not subscribing to some payable online games?

    Wady

    Very good questions. That questions are always come to my mind whenever I receive an sms from a sender with 5 digits phone no. Sometime its hard for us to verify whether the sms is legitimate or not, unless the number is already known and/or saved on our phone. I think they should have a mechanism to replace that 5 digits number with a company name/brand and not just by adding their name inline with messages itself. And also free advice for them (banks etc).. Try to avoid 3rd party buck/automated sms services unless they can assign you a unique phone no. with your own name displayed.

firdaus

free ? singpore already implement paynow? are we gonna be left out ? follow the flow guys

Spider pig

Paywave takut. Duitnow also takut. Fake viral news can believe and forward to all your friends. No wonder Malaysia is regressing.

Khabib_Nurmagomedov

Is there any annual fees if we decide to opt-in? Couldn’t find any info regarding this. Thanks.

lost

just suddenly all the players at the ewallet scene

Sopi

Can a digital currency be used?

    uproot

    Obviously not. Paynet is bank negara's subsidiary

Wady

For what I understand.. Our phone number becomes our “nickname” for our bank’s a/c. The phone no. is much easier to remember compare to the bank a/c no. But 1st, the phone no. must be registered & activated by the bank before we can use this feature. Paypal already use this kind of features by using our email address. They are not paying to your mobilephone a/c, but to your actual bank’s a/c that is linked with your mobile no. I always use instant transfer for mobile banking and this will make the process easier and occasionally I also use a Paypal service. So far no problem.