Zotapay payment service provider added a new payment method for Malaysia via DuitNow QR. The new payment method utilizes a quick response code (QR), allowing Malaysians to receive money from banks as well as eWallets mobile apps with a single QR code.
Zotapay is connected to more than 500 banks, payment service providers, merchants and eWallets. DuitNow is a well-known Malaysian company, offering cashless solutions.
Public Bank Berhard, among the largest banks in Southeast Asia, recently began using DuitNow for its clients.
Tan Sri Tay Ah Lek, the CEO of Public Bank Berhard, said, “Public Bank also prioritizes environmental, social and governance efforts by providing greater financial inclusion for the unbanked in addition to enabling online merchants to easily accept payments in real-time through this new, cost-effective and secure online payment solution."
DuitNow was developed and owned by PayNet. Payments Network Malaysia Sdn Bhd (PayNet) is the national payment provider for financial market utilities. PayNet’s single largest shareholder is Bank Negara Malaysia (BNM).
Cashless Payments Rapid Growth
Since 2017, cash transactions in Malaysia have been reduced from 70% to only 39% in 2021.
source: statista
In 2017, only 1% of payments were via eWallets or digital/mobile wallets. In 2021, the stats spiked to 15%. There is a global trend for fast payments. Mobile wallets' usage is rapidly growing across Europe and the United States.
In 2020, where the largest growth was seen in Malaysia, a survey was carried out by Statista which revealed that 50% of the respondents used QR payments. In Cambodia, for example, only 12% used QR payments.
ZotaPay, led by Abe Ziv, the CEO, may reap the fruits of utilizing QR codes in Malaysia some time down the road. At the time of this writing, by 2024, the mobile payment market size is expected to hit 3 trillion.
Cashless transactions are where the world is currently heading. Once Central Bank Digital Currencies (CBDC) will be the new norm, cash usage may gradually be part of a long-forgotten history.
