WITH the new norm now firmly set in place after the pandemic, it can be observed that cashless payment and transactions are on the rise.
Most people now prefer the convenience and simplicity of cashless transactions, as compared to carrying cash around and constantly needing to withdraw cash from the ATM.
As there are now a number of e-Wallets available in addition to bank cards, cashless payment has become easier and more convenient than ever.
Moving further forward towards a cashless future, Kayaaku – formerly known as YippiePAY, has now incorporated the DuitNow QR Interoperable Reward feature to offer even more value and convenience to users.
The latest innovation to emerge as part of DuitNow offerings, this feature facilitates reward information to be available across participating banks or e-Wallets.
Fave is the first to enable the DuitNow QR Interoperable Reward feature via the Fave loyalty programme, which allows Fave rewards to be extended to Kayaaku e-Wallet users.
With this, Kayaaku users now get to enjoy even more benefits as well as access to Fave’s wide range of instant rewards, previously only available to Fave users, whenever they make payment using their Kayaaku e-Wallet at participating Fave merchants.
Just scan any FavePay DuitNow QR code at over 12,000 food and beverage outlets and retailers nationwide to earn up to 15% cashback. This truly offers more value for money as the cashback can be used for future transactions at participating merchants, offering a form of savings on your purchases.
Not only does this benefit consumers, Fave merchants will also benefit from return customers using Kayaaku e-Wallet – this new features opens up Fave merchants to wider opportunities as well as a wider pool of customers.
The DuitNow QR makes it easier for customers to make payment from participating banks or e-Wallet mobile apps by consolidating all participating banks and e-Wallets under one QR code. This way, customers need not constantly keep topping up different e-Wallets to suit the availability at different outlets- this takes away the hassle of maintaining several e-Wallets just to make payments.
Meanwhile, merchants also enjoy the convenience of needing only to display one QR code. This definitely lessens confusion among consumers, and also makes it more convenient for both parties, as all transactions would only require one code – there is no need to display an entire list of QR codes at point of payment.
Businesses also enjoy lower cost and consolidated statements for easy reconciliation of transactions.
DuitNowQR – Malaysia’s national QR standard, is built upon the national Real-time Payments Platform, which is based on ISO 20022 messaging standard from the outset. This allows dynamic and agile features to further enhance innovation and adoption.
With the technology backing it as well as the improved convenience offered to both customers and merchants the DuitNow QR Interoperable Reward makes cashless payment even easier and hassle-free than before.