Wise Gains Direct Access to Malaysia’s PayNet to Enable DuitNow QR Payments

Quick Summary

Wise has secured direct access to Malaysia’s national payments network, PayNet, marking its 9th global domestic integration. This allows users to scan DuitNow QR codes directly via the Wise app, enabling instant MYR transfers and real-time recipient verification for both consumers and financial institution partners.

How Does Wise Improve Payments in Malaysia?

By integrating directly with Payments Network Malaysia (PayNet), Wise eliminates the need for traditional intermediary banks, which typically slow down cross-border and domestic settlements. This direct connection allows Wise to offer DuitNow QR payments, the national standard in Malaysia, directly within its mobile application. Users can now handle everyday spending instantly by scanning merchant QR codes, a move that significantly reduces friction for both residents and travelers.

• Direct access to Malaysia's domestic payment system.
• Support for DuitNow Transfer using mobile numbers or NRIC.
• Real-time recipient name verification to prevent misdirected funds.

What Results Has Wise’s Global Infrastructure Delivered?

Wise’s strategy of plugging into local payment systems worldwide is yielding significant performance metrics. The company now processes 77% of transfers within 20 seconds, a speed that has doubled over the last five years. Malaysia represents the 5th APAC market to join this high-speed network, alongside Singapore, Australia, the Philippines, and Japan. This infrastructure isn't just for consumers; Wise Platform partners can leverage these APIs to provide their own customers with real-time MYR transfers and enhanced security features.

How Does DuitNow QR Change the User Experience?

The rollout of DuitNow QR support means Wise users no longer need to carry physical cards or cash for many transactions in Malaysia. By using the Wise app to scan codes at point-of-sale terminals, users benefit from mid-market exchange rates and low fees on instant transactions.

"Connecting directly to the local payment system and offering access to DuitNow QR is one example of how Wise is making moving money simpler. We want to take the friction out of the everyday transactions in Malaysia, bringing greater ease and convenience to consumers," said Yen Ting Chiam, Country Manager for Wise Malaysia.

FF NEWS TAKE:

This move by Wise is a significant milestone in the race for cross-border interoperability. By bypassing correspondent banking and hitting national payment rails directly, Wise is effectively commoditizing instant international transfers. For the Malaysian market, this sets a new benchmark for transparency and speed, likely forcing local incumbents to accelerate their own digital transformation efforts to remain competitive against Wise’s low-cost infrastructure.