MALAYSIA'S REAL-TIME PAYMENTS PLATFORM PILOTS DUITNOW INTEROPERABLE REWARD FEATURE WITH FAVE AND FINEXUS

Payment Networks Malaysia (PayNet) announced earlier today that it is piloting the Interoperable Reward feature for DuitNow QR, a product of the Real-time Payments Platform.

KUALA LUMPUR, June 7 (Bernama) -- The pilot is with two DuitNow QR participants, Fave and Finexus, which enables users of Finexus’ Kayaaku e-wallet (formerly known as YippiePAY) who scan FavePay DuitNow QR codes to pay for purchases to enjoy Fave’s loyalty cashback programme, making Finexus’ Kayaaku the first e-wallet with the innovative feature. This means more than 15,000 Finexus’ Kayaaku users can now access Fave’s wide array of instant rewards previously accessible only to Fave users. Finexus’ Kayaaku ewallet users stand to earn up to 15 percent cashback at Fave’s participating merchants at over 12,000 F&B outlets and retailers across the country. Finexus’ Kayaaku e-wallet users are expected to make more repeat purchases at the participating Fave DuitNow QR merchants to utilise the cashback received from prior transactions.

Given the immediate benefits to both Fave DuitNow QR merchants and Finexus’ Kayaaku e-wallet users, PayNet expects more leading e-wallets in the country to follow suit and foresees such collaborations and innovative solutions expanding to banks and non-banks. As shared by Khairuan Abdul Rahman, Director of Retail Payment Services, PayNet, “Our aspiration is to foster open and interoperable infrastructures, collaborations such as this will be able to accelerate e-payment adoption and expand greater financial inclusion through its incentives and DuitNow QR’s interoperability. We hope that this will open more doors for future collaborations among the banks and non-banks to also adopt the interoperable reward feature, which would ultimately help address the consumers’ demand for convenience and to elevate user experience.”

This new innovative feature opens more opportunities to Fave’s merchants to a wider pool of customers, including the SME merchants. Gary Yeoh, Country Manager of Fave Malaysia said, “Opening up our cashback loyalty program to more partners is one more step for us in making everyday shopping rewarding, allowing customers to use their choice of payment app and to stack up rewards. As for our merchants, this partnership helps them capture new businesses while retaining customers as we brave through the recovery in the economies.” 

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