Fave Rolls out single DuitNow QR Code to spur cashless payment
By Digital News Asia August 6, 2021
- A single QR code to make payments at 20,000 merchants
- Acceptance from FavePay DuitNow QR from 32 banks, major e-wallets
FAVE is offering DuitNow QR feature that enables customers to use a single preferred QR code to make payments at 20,000 restaurants and retailers nationwide via the Fave app or other digital wallets and mobile banking apps.
In a statement, the company said the FavePay DuitNow QR will enable merchants to accept payments from all users of 32 participating banks and e-wallets in the DuitNow ecosystem.
“We are seeing a surge in cashless transactions and this is an opportunity for greater nationwide user adoption as more Malaysians are abstaining from paying with physical currencies due to Covid-19 and the movement control order (MCO),” said Joel Neoh, Fave group’s founder
He added that the new FavePay DuitNow QR code and the FavePay Later allow users to enjoy savings, discounts and interest-free payments that is unique to Fave's platform.
Additionally, FavePay users would be able to reap rewards from merchants, earn up to 15% in cashbacks and opt for interest-free flexible payments with FavePay Later, he said.
“The current situation has led to growing acceptance of cashless payments among Malaysians and this has driven the demand for using QR codes for payments,” said Khairuan Abdul Rahman, director of Retail Payment Services.
According to the Malaysian Communications and Multimedia Commission (MCMC), 88.7% of Malaysians have been using the Internet and most of them have embraced the usage of smartphones.
Therefore, Fave said contactless tap and pay transactions is expected to increase three-fold in Malaysia over the next few years with its entry into the DuitNow QR ecosystem.
The company recently launched its ‘buy now, pay later’ (BNPL) service in Malaysia and Singapore, which it claimed provides over 6 million Fave users with instant access to interest-free credit to be used at over 40,000 stores as a pilot.
It said it will democratise payments by partnering and integrating with DuitNow QR to offer Fave's cashback loyalty and BNPL solutions to their users in the near future.
To receive more cashbacks and savings, customers are encouraged to look out for FavePay DuitNow QR at their favourite restaurants and retailers. For more rewards, download the Fave app.
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