Personal Finance Term
DuitNow
Malaysia's instant transfer service that lets you send money to anyone using just their mobile number, NRIC, business registration number, or a QR code, instead of needing their full bank account details. It is run under PayNet, the national payments network.
DuitNow links to your bank account through a DuitNow ID, so a friend can pay you by entering your phone number rather than a long account number. DuitNow QR is the unified QR standard that lets one code accept payment from almost any Malaysian bank app or e-wallet, which is why you see a single QR sticker at hawker stalls and shops. Transfers are typically instant and, for most individual transfers within set limits, free.
For everyday money management, DuitNow removes a lot of friction: splitting a bill, paying a small vendor, or receiving a refund no longer needs account-number swapping. Be aware of scam risks, since the convenience also makes it easy to send money to the wrong or fraudulent recipient, and money sent by instant transfer is very hard to claw back. Always confirm the recipient name shown before approving a DuitNow payment.