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RHB & PayNet to secure payment processes with DuitNow QR sound box

By Gloria Mathias

December 22, 2023

  • Cashless Payments
  • DuitNow
  • FinTech fraud

RHB Banking group, PayNet, Payments Network Malaysia, Fintech news, Fintech Malaysia, Cashless Payments, Payments Security, Fintech Fraud, Fraud Software, Payments Technology, Soundbox, QR Code, DuitNow,  RHB Banking Group and Payments Network Malaysia (PayNet), have launched their DuitNow QR Plug & Play sound box, aimed at enhancing and strengthening payment security for consumers and merchants.

The DuitNow QR Plug & Play sound box is an electronic scam prevention tool that supports static and dynamic QR codes and seamlessly integrates into a merchant’s point-of-sale system. The sound box provides a secure and verifiable method for both consumers and merchants to confirm the legitimacy of DuitNow transfers made via QR code.

“The introduction of the DuitNow QR Plug & Play sound box addresses critical payment security issues, a concern that has grown significantly with the increasing reliance on cashless transactions. While we cannot dispute the value of QR codes to ease financial transactions, we acknowledge the security risks involved. These include fake QR codes that deceive consumers into transferring their money to a scammer’s bank account or dishonest customers who use a fake payment receipt to trick merchants into believing that payment has been made,” said Syed Ahmad Taufik Albar, Managing Director, Group Wholesale Banking, RHB Bank Berhad.

In its initial phase, the Group will deploy the DuitNow QR Plug & Play sound box for MSMEs in sub-urban locations as part of its joint effort with PayNet to drive financial inclusion in December 2023. By January 2024, the Group will roll out this solution to businesses with high financial transaction volumes.

“The benefits of the sound box will allow more businesses in Malaysia to adopt cashless payments and ultimately pave the way for greater digitalisation. As small businesses are more vulnerable to the impact of payment fraud, using the sound box will provide them with peace of mind regarding QR code transactions. This initiative supports PayNet’s directive to build a more inclusive financial ecosystem, as well as our RHB’s aspiration to empower SMEs and microentrepreneurs,” added Taufik.

The Chief Commercial Officer of PayNet, Gary Yeoh, said, “Our partnership with RHB underscores PayNet’s commitment to empowering MSME growth to thrive in Malaysia’s digital economy. This initiative will enable businesses and users to enjoy the benefits of payment digitalisation without compromising security, reliability, or ethical standards.”

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