KUALA LUMPUR, Nov 28 (Bernama) —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, Malaysia’s National QR Standard to merchants in Malaysia. Starting in early 2020, the participation in DuitNow QR will fuel Fave’s target of enabling 100,000 small and medium-sized 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.