DuitNow is a newly launched service that allows bank customers to transfer money to others by keying in the recipient’s phone number, and this can be done via the Internet or mobile apps of the respective banks.
As of now, there are 14 banks that are in collaboration with the DuitNow service, including CIMB Bank, Public Bank, RHB Bank, Hong Leong Bank, Maybank and Citibank. The service will also be available to 17 other banks and non-banks, though the official date is yet to be confirmed.
To use the service, customers will need to register by linking their mobile number with their account number at their bank. The registration can be done online, and customers can also link their IC numbers, Army or Police numbers, Passport numbers or Business Registration numbers to their bank accounts. After the registration, bank customers can view, modify and transfer their DuitNow registrations via the selected banks’ Internet or mobile apps.
Fund transfers up to RM5,000 is free for consumers and SMEs, meaning that there will be no additional fees for any transaction amount of RM5,000 and below. However, some banks are also waiving the transaction fees for fund transfers above RM5,000 to allow larger transactions without additional charges, but for the banks that are not providing the waive, it’ll cost an addition RM0.50 for transactions above RM5,000.
The DuitNow service is an attempt to encourage Malaysians to adopt a cashless lifestyle and to provide more convenience and efficiency in terms of fund transfers. To further promote the service, there will be a nationwide contest starting 8 January for bank customers who registered for the service, with prizes worth up to millions of ringgit.