Wise has secured direct access to Malaysia’s national payments infrastructure, operated by Payments Network Malaysia (PayNet), enabling support for DuitNow services.
The company said the integration will allow Wise app users to make payments by scanning DuitNow QR, Malaysia’s national QR standard. Wise added that the connection will also support “simpler ways” to transfer Malaysian Ringgit.
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The DuitNow QR feature will be rolled out “progressively”, with coverage expected to expand to support all DuitNow QR codes nationwide over the coming weeks, the money transfer firm stated.
Wise Malaysia country manager Yen Ting Chiam said: “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.”
Malaysia is the ninth market globally where Wise gained direct access to a domestic payment system. The company pointed to earlier connections in Singapore, Australia, the Philippines, the UK, Europe, Hungary, Brazil, and Japan.
The money transfer firm said connecting to domestic payment rails can reduce reliance on intermediaries, which can lower costs and improve transaction speed over time.
Wise added that the infrastructure will also be made available to banks and financial institutions through Wise Platform.
Partners using the Wise API will be able to use real-time recipient verification when setting up MYR transfers. The feature is designed to ensure the recipient’s name matches the account before funds are sent.
Wise will also support domestic transfers via DuitNow Transfer. The service allows users to send money using a recipient’s mobile number or National Registration Identity Card (NRIC), rather than bank account details.
Earlier this year, Wise made its debut in Nasdaq. The company also maintains a secondary listing on the London Stock Exchange (LSE).
