Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) jointly launched a cross-border QR code payment system that allows customers of participating financial institutions to make retail payments by scanning DuitNow QR and NETS QR codes. This payment linkage will support both in-person payments through the scanning of physical QR codes displayed by merchants and online cross-border e-commerce transactions.

The DuitNow-NETS QR code payment linkage marks a significant step forward in the collaboration between Malaysia and Singapore to enhance cross-border payments connectivity. With pre-pandemic annual traffic between the two countries averaging 12 million visitors, this payment linkage will provide merchants and consumers with a more seamless and efficient means to make and receive payments. It aligns with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments, demonstrating both countries’ commitment to improving the cost, speed, access, and transparency of cross-border payments.

The initiative is a result of strong collaboration between various industry players from both countries, including Payments Network Malaysia Sdn. Bhd. (PayNet), Network for Electronic Transfers (Singapore) Pte. Ltd (NETS), the Association of Banks in Singapore, and participating financial institutions from both countries.

In the next phase, BNM and MAS plan to expand the payment linkage to enable cross-border account-to-account fund transfers and remittances, allowing users to make real-time fund transfers between Malaysia and Singapore conveniently using just the recipient’s mobile phone number via DuitNow and PayNow. The service is expected to go live by the end of 2023.

According to Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus, this payment linkage is a significant step forward in realizing the vision of an ASEAN network of fast, efficient, and interconnected retail payment systems. It will benefit millions of commuters and businesses in both countries and boost retail businesses’ growth. He also highlighted their commitment to accelerate their digitalization agenda for increased regional economic and financial integration.

Managing Director of the Monetary Authority of Singapore, Mr. Ravi Menon, emphasized that this QR code linkage between Singapore and Malaysia is a crucial milestone in ASEAN’s journey towards seamless regional payments connectivity, boosting cross-border commerce and enabling small businesses to tap into a wider pool of consumers.

Source: https://www.bnm.gov.my/-/qrcode-connectivity-my-sg

The post Bank Negara Malaysia and Monetary Authority of Singapore Launch Cross-Border QR Code Payment Linkage appeared first on Edxapay.

SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.
SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.

With the integration of DuitNow QR, Setel users can now scan and pay at any retailer. Additionally, within a year, Setel users will be able to send and receive money through DuitNow, and create their own DuitNow QR to make money transfers to their e-wallet more convenient.

Mazlin Erawati Ab Manan, Chief Executive Officer of Setel, emphasized that the company is committed to meeting the demands of its customers by making the Setel app more convenient and inclusive for a wider range of customers. The integration with DuitNow QR is a clear demonstration of this commitment, as it expands the use of the Setel app to retail purchases and other needs.

Setel users will be rewarded with Mesra points for every payment made through DuitNow between March 30, 2023, and May 31, 2023. These points can be redeemed for fuel and other exciting rewards. Overall, the integration of DuitNow QR is a significant step for Setel in its mission to redefine mobility and provide a seamless payment experience for its users.

The post SETEL Revolutionizes Cashless Transactions with DuitNow QR Integration appeared first on Edxapay.

Malaysia is quickly becoming a cashless society, with more and more people turning to digital payment methods for their everyday transactions. According to a recent study by Visa, 92% of Malaysians have used credit or debit card payment, and 76% have attempted to go cashless. With the increase in adoption of cashless payment methods, it is no surprise that 67% of Malaysians are confident to go cashless for a few days.

The study also revealed that 95% of Malaysians are aware of contactless payment and 90% are interested in using it. Contactless payment is gaining popularity, with more than 7 in 10 transactions being made using this method. The top 5 categories that Malaysians prefer to go cashless for are bill payment, public transport, taxis and ride-sharing, supermarkets, and petrol stations.

The convenience and ease of contactless payment make it a preferred payment method for many Malaysians. The top 5 categories for contactless payment include supermarkets, fast food restaurants, restaurants, automated fuel dispensers, and service stations. The reasons why contactless payment is preferred are varied, with 72% citing convenience, 53% saying it is widely accepted, and 47% considering it a more secure way to pay.

The rise of a cashless society in Malaysia has many benefits, including increased efficiency, lower transaction costs, and improved security. With the increasing popularity of digital payment methods, businesses can improve their payment processes and provide a more seamless customer experience. This trend also has the potential to reduce the amount of cash in circulation, reducing the risk of theft and fraud.

However, it is important to note that not everyone has access to digital payment methods, and some may prefer to use cash. As such, it is crucial to ensure that there is still a cash option available for those who need it.

In conclusion, the rise of a cashless society in Malaysia is a positive trend that has many benefits for individuals and businesses alike. The convenience, efficiency, and security of digital payment methods make them a preferred choice for many Malaysians. However, it is important to ensure that cash remains an option for those who need it.

The post The Rise of Cashless Society in Malaysia appeared first on Edxapay.

The Enablers

In Malaysia, several e-wallet brands are leading the way in digital payments. Boost, GrabPay, and Touch ‘n Go eWallet are some of the most popular e-wallets in the country, and are widely used for a variety of transactions, including payments for transportation, food delivery, online shopping, and bill payments.

In addition to e-wallets, many banks in Malaysia offer digital payment services that allow customers to make payments and transfer funds using their mobile devices. For example, Maybank2u, CIMB Clicks, and RHB Now are all popular digital banking services that provide customers with a convenient and secure way to manage their finances.

Other service providers in Malaysia are also contributing to the growth of digital payments in the country. For example, iPay88, senangPay, ToyyibPay or edxaPay is a payments processing company that provides payment gateway services to businesses, enabling them to accept payments from a range of digital channels, including credit and debit cards, e-wallets, and online banking.

QR Code, The Future of Payment

The “e-Conomy SEA 2022” report highlights the importance of payment infrastructure in driving the growth of digital payments in Southeast Asia. The report notes that the widespread adoption of QR codes, the development of real-time payment systems, and the expansion of card payment networks have all played a significant role in facilitating the growth of digital payments in the region.

The report also predicts that the value of digital payments in Southeast Asia will continue to grow at a compound annual growth rate (CAGR) about 27% from 2020 to 2025, reaching a value of $1.17 trillion by 2025. This growth is expected to be driven by several factors, including the increasing adoption of digital payments by consumers and merchants, the expansion of digital wallets and payment infrastructure, and the growth of e-commerce and other digital services.

Final Words

In conclusion, the “e-Conomy SEA 2022” report highlights the growing importance of digital payments in Southeast Asia’s digital economy. With the increasing adoption of mobile devices and the proliferation of payment infrastructure, e-wallets, banks, and other service providers are well-positioned to continue driving the growth of digital payments in the region.

Source: https://services.google.com/fh/files/misc/e_conomy_sea_2022_report.pd

The post The Growth of Digital Payments in Southeast Asia: Insights from ‘e-Conomy SEA 2022 Report appeared first on Edxapay.

However, payment gateways do not come for free. They charge fees to merchants for each transaction that they process. These fees can vary widely depending on the payment gateway provider, the type of transaction, and other factors. In this article, we’ll take a closer look at payment gateway fees and how they work for Malaysian merchants.

Types of Payment Gateway Fees

There are typically three types of fees associated with payment gateways: setup fees, transaction fees, and monthly fees.

1. Setup Fees

Setup fees are one-time charges that payment gateway providers may charge when you sign up for their service. These fees can range from a few hundred to a few thousand ringgit, depending on the provider and the complexity of the setup.

2. Transaction Fees

Transaction fees are charged for each transaction that is processed through the payment gateway. These fees typically range from 1% to 3.9% of the transaction amount, with a per-transaction fee of around RM1.00 to RM1.50.

3. Monthly Fees

Some payment gateway providers may also charge a monthly fee for their service. This fee is typically charged to cover the cost of maintaining the gateway and providing support to merchants. Monthly fees can range from a few hundred to a few thousand ringgit, depending on the provider and the level of service.

Factors That Affect Payment Gateway Fees

Several factors can affect the fees charged by payment gateway providers. These include:

• Payment Gateway Provider. Different payment gateway providers charge different fees. Some may offer lower transaction fees but higher setup fees, while others may have no setup fees but higher transaction fees. It’s important to shop around and compare different providers to find the best fit for your business.
• Transaction Volume. Payment gateway providers may offer discounted transaction fees for merchants with high transaction volumes. If you anticipate processing a large volume of transactions, it may be worth negotiating with your provider for lower fees.
• Payment Type. Some payment types, such as credit cards, may have higher transaction fees than others, such as bank transfers or e-wallets. Consider offering a range of payment options to customers to reduce the impact of these fees.
• Risk Level. Payment gateway providers may charge higher fees for merchants in high-risk industries, such as gambling or adult content. If your business falls into one of these categories, be prepared for higher fees.
• Currency Conversion. If you accept payments in multiple currencies, your payment gateway provider may charge additional fees for currency conversion. These fees can vary widely depending on the provider and the currency.

Conclusion

Understanding payment gateway fees is an important part of managing your online business. By knowing the types of fees and factors that affect them, you can make informed decisions about which payment gateway provider to choose and how to structure your pricing. Remember to shop around and compare different providers to find the best fit for your business, and negotiate for lower fees when possible. With the right payment gateway and fee structure in place, you can provide a seamless payment experience for your customers and grow your online business.

At edxaPay, we believe in providing our customers with flexibility when it comes to payment gateway fees. That’s why we offer different degrees of fees depending on your chosen plan. Our FREE sign-up option has no hidden annual or registration fees, allowing you to enjoy competitive pricing that won’t break the bank.

For online banking transactions, our fees are as low as RM1.00 per transaction. Click here to see more details of our plan.

If you’re a developer or a SaaS provider, we also offer special rates that are tailored to your unique needs. Feel free to chat with us to discuss further and find a pricing plan that works best for you. At edxaPay, we’re committed to making payment processing easy and affordable for businesses of all sizes.

The post Understanding Payment Gateway Fees for Malaysian Merchants appeared first on Edxapay.

Secara amnya, Gerbang Pembayaran memberi penyelesaian untuk menjadikan proses pembayaran lebih mudah dan efisien.

Antara kelebihan gerbang pembayaran termasuk:

Proses transaksi pembelian lebih mudah dan cepat

Gerbang pembayaran memudahkan pelanggan anda untuk membeli produk yang mereka inginkan dengan mudah dan cepat. Proses transaksi akan dilaksanakan secara automatik serta memberi pelbagai kaedah pilihan untuk pembayaran secara atas talian sama ada melalui kaedah kad debit/kredit, pindahan bank atau e-walet. Tanpa mengaplikasikan gerbang pembayaran ini, semua butiran transaksi dan semakan mesti dilakukan secara manual oleh peniaga.

Urusan urusniaga yang lebih selamat

Gerbang bayaran memberi keselamatan terhadap data pelanggan anda kerana ia dilindungi oleh lapisan penyulitan dan memastikan bahawa pembayaran adalah sah sebelum mencapai ke institusi perbankan/kewangan. Proses ini mengesahkan bahawa data peribadi pelanggan, seperti butiran dan alamat kad kredit, disimpan dengan selamat dan dilindungi daripada penipuan. Tiada keraguan untuk pelanggan melakukan urusan jual beli dengan anda.

Menerima Pembayaran secara 24 jam di mana jua berada

Gerbang pembayaran memboleh pelanggan anda melalukan pembayaran dari atas talian secara 24 Jam, 7 hari seminggu tidak kira di mana mereka berada. Berbanding jika anda menggunakan proses pembayaran secara manual, pelanggan perlu menunggu peniaga untuk kongsikan butiran secara manual sebelum meneruskan proses pembayaran.

Kesimpulannya, dengan adanya gerbang pembayaran, ia sedikit sebanyak akan dapat memudahkan urusan pelangan  anda, serta tingkatkan penjualan perniagaan anda.

The post 3 kelebihan Utama Gerbang Pembayaran appeared first on Edxapay.