🤝 Malaysia🇲🇾: Wise wallet connects directly to the national PayNetpayment network

🤝 Malaysia🇲🇾: Wise wallet connects directly to the national PayNetpayment network

The integration enables QR-code payments through Malaysia’s national instant payment system, DuitNow, directly within the Wise app. Direct access to the domestic payment infrastructure reduces reliance on intermediaries, which could, over time, lower costs and accelerate transactions.

➡️ Malaysia becomes the ninth market worldwide and the fifth in the Asia-Pacific region where Wise supports national payment standards.

➡️ According to the company, 77% of transfers processed through the Wise network are now completed within 20 seconds, making them twice as fast as they were five years ago.

➡️ Partners using the Wise API will be able to perform real-time beneficiary verification when setting up MYRtransfers, allowing the recipient’s name to be matched with the destination account before funds are sent.

➡️ The DuitNow Transfer service enables P2P transfers using only the recipient’s mobile phone number or National Registration Identity Card (NRIC) number, eliminating the need to enter full bank account details. The recipient’s name is also displayed automatically before the transfer is confirmed.

➡️ For retail payments, users in Malaysia will be able to scan and pay using the DuitNow QR standard directly from the Wise app. The feature is being rolled out gradually and is expected to become fully available over the coming weeks.

➡️ Context: Malaysia has a population of 34,564,810 and a GDP per capita of USD 13,315, making it a highly relevant market for digital payments.

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