Malaysia’s e-commerce market is quickly growing to be among the largest in Southeast Asia. As a result, online businesses actively seek new features and payment solutions to meet their customers’ needs.

DuitNow QR, with its convenient and swift payment acceptance, has gained popularity among consumers and has become one of the top payment options online businesses across Malaysia make available at checkout today.

Let’s take a closer look at why businesses in Malaysia accept DuitNow QR.

A quick tip: To quickly start accepting DuitNow QR, partner with a payment gateway that offers this payment method. Check this article on payment gateways if you’re new to online payments.

What Is DuitNow QR?

DuitNow QR is Malaysia’s national QR standard which allows interoperability between all 39 participating banks and e-wallets. DuitNow QR enables its users to conveniently send and receive money through their mobile banking or e-wallet application.

For online businesses, merchants can simply accept payments through DuitNow QR by displaying a QR code to the customer. And for customers to pay, they can scan the QR using their mobile banking or e-wallet from one of the participating banks.

Why Do 1.1M Malaysian Businesses Adopt DuitNow?

By the end of 2021, DuitNow’s popularity is evident with over 1.1 million merchant registrations. But why did these businesses opt for DuitNow? Let’s delve into the benefits DuitNow QR brings.

Reduce Checkout Errors

During online checkout, customers often enter incorrect card details or security codes, leading to unsuccessful payments.

With QR payments, these mistakes can be minimized. Customers can simply scan the QR code and confirm the payment to complete the transaction. Other information required to complete the transaction such as user credentials and payment amount are automatically passed behind the scenes. DuitNow will ensure that the funds are instantly sent to your payment gateway account and ultimately land in your business bank account.

Decrease Cart Abandonment Rate

Research indicates that 18% of customers abandon their shopping carts because of long and complicated checkout processes. With DuitNow QR payments, customers can simply scan the QR code to complete the transaction, bypassing manual payment data input. This streamlines the payment process and can reduce the shopping cart abandonment rate for brands.

Reduce Transaction Fees

When compared with the conventional credit/debit card transaction fee, DuitNow QR is cheaper. For businesses, there’s no upfront cost to start accepting DuitNow QR, only a MYR 1.50 fee per transaction. So whether a sale is valued at MYR 300 or MYR 3,000, the transaction fee would remain the same at MYR 1.5 per transaction.

By embracing DuitNow QR payments, businesses can optimize your operational expenses, bolstered by Malaysia’s national QR standards and the support of Bank Negara Malaysia.

Is DuitNow QR the Right Fit for Your Business?

In Malaysia’s dynamic e-commerce scene, it’s important for merchants to consistently review payment methods offered at checkout to satisfy customers. But before adopting a new payment option like DuitNow QR, be sure to evaluate whether it aligns with your business needs.

Besides the benefits, here are some growth factors to consider:

High Transaction Limit

DuitNow QR is a versatile payment solution that accommodates transactions ranging between MYR 1.00 and MYR 20,000,000. The ability to support large basket sizes makes DuitNow an excellent choice for most businesses from daily consumer goods to high-value products. Brands that accept DuitNow are from all sectors including e-commerce, F&B, and hospitality.

Variety of Payment Options

DuitNow QR is supported by 39 banks and e-wallets. With this diverse range of payment options, businesses can align with your customer preferences and individual needs, facilitating a well-informed choice.

What Is The Easiest Way To Integrate Duitnow QR For Your Business?

Follow these 3 steps to incorporate DuitNow QR into your online business:

1. Choose a payment gateway that offers DuitNow QR

Ensure your chosen payment gateway provides DuitNow QR as a payment option. Once confirmed, send them a request to enable the service.

2. Integrate DuitNow QR on your website

The payment gateway will provide detailed instructions on how to embed DuitNow QR on your site.

3. Test and launch

After setting up DuitNow QR, run test transactions before enabling the service to your customers. This will ensure that the integration works smoothly as expected and any unforeseen errors are properly fixed by your team. Once you have thoroughly tested the integration, you can then launch on your website.

The Bottom Line

DuitNow QR is an excellent payment method for businesses in Malaysia, so forward-thinking brands are enabling this as a payment option at checkout.

While the implementation process can be complex, there’s a shortcut to it.

Opn Payments offers DuitNow QR along with every other popular payment option consumer in Malaysia today prefer. You’ll be able to accept all the top payment methods in Malaysia, which helps streamline the payment process for customers.

In addition to abundant payment options, Opn Payments provides business owners with a merchant dashboard where they can view payment data from all different payment methods in one place, in real-time as they happen.

If you want to start accepting DuitNow QR or discuss payments for your online business, contact us today. Opn Payments has a local team of experts based out of Kuala Lumpur.