Wise Connects to Malaysia's PayNet to Enable DuitNow QR Code Payments

The money transfer company has established a direct link to Payments Network Malaysia (PayNet), the operator of the country's national payments infrastructure, unlocking support for DuitNow functionality.

Customers using the Wise app will now be able to complete transactions by scanning DuitNow QR codes, which serve as Malaysia's unified QR payment standard. The firm indicated the connection will also facilitate more straightforward methods for moving Malaysian Ringgit.

The DuitNow QR capability will launch in stages, with the company anticipating full coverage across all DuitNow QR codes throughout Malaysia within the next several weeks.

Connecting directly to the local payment system and offering access to DuitNow QR is one example of how Wise is making moving money simpler, Malaysia country manager Yen Ting Chiam said.

Chiam added the goal is to eliminate friction from routine transactions in Malaysia, delivering improved ease and convenience for consumers.

Malaysia represents the ninth market worldwide where the firm has obtained direct connectivity to a domestic payment system. Previous integrations include Singapore, Australia, the Philippines, the UK, Europe, Hungary, Brazil, and Japan.

Building direct connections to local payment rails can reduce dependence on intermediary institutions, which the company noted has the potential to lower costs and accelerate transaction speeds over time.

The new infrastructure will also be accessible to banks and financial institutions via Wise Platform, the company's API offering for partners.

Partners integrating the Wise API will gain access to real-time recipient verification when initiating MYR transfers. This feature is designed to confirm the recipient's name corresponds with the account before funds are dispatched, reducing the risk of misdirected payments.

The company will also enable domestic transfers through DuitNow Transfer, which permits users to send money using a recipient's mobile number or National Registration Identity Card (NRIC) instead of traditional bank account details.

Earlier this year, Wise completed its listing on Nasdaq while maintaining a secondary listing on the London Stock Exchange (LSE).