A New Way of Transferring Money via DuitNow !!!

Remember this date, 8 December 2018, it will mark another milestone in the financial industry in Malaysia with the launching of DuitNow money transfer service. The new service was introduced to eliminate the below conversations between all banking users:

"Please give me your bank account details..."

"What's your bank account number again?"

"Which bank is your account? I forgot..."

Now, you don't have to ask your friends their lengthy bank account number anymore. With DuitNow, you can send money instantly on a 24/7 basis to mobile numbers, NRIC numbers or business registration numbers.

Send and receive funds instantly anytime, anywhere.

Instantly?Yes, because the name was 'Do-it-Now' actually.

How can I receive money using DuitNow?

You must first register for DuitNow by linking one of the following IDs with your bank account or e-money (e-wallet) account at participating banks and payment providers:

1. Your Mobile number
2. Your NRIC number
3. Your Passport number
4. Business registration number (only SSM-registered businesses)

Once you have registered, payers can direct payments to you using the registered ID
(DuitNow ID).

Do I need to register with DuitNow?

Registration is not required to send money via DuitNow. However, in order to receive money via DuitNow, a one-time registration is needed to link your ID with your bank account or e-money account (e-wallet).

Important Question: Do I have to Pay for the service?

• No, it is absolutely FREE for consumers to send and receive money up to RM5,000.
• For transaction above RM5,000, a 50 sen fee may be applicable. However, some banks are waiving this fee.
• For businesses, please check with your bank for transaction fee information.

What's the Transaction Limit?

• Consumers may transfer up to RM 50,000 per transaction at banks.
• Businesses may transfer up to RM 10,000,000 per transaction at banks.
• The limit may vary depending on your bank's channels.
• But, e-Money (e-wallet) payment providers will definitely have lower limits.

For more information, please visit https://www.duitnow.my/

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Salary Deduction Schedule for PTPTN Loan Repayment effective 2019

Under the new mechanism which was announced in Budget 2019, all PTPTN loan borrowers have to abide by the repayment of their student loan via salary deduction starting Jan 2019.

Today, PTPTN chairman Wan Saiful Wan Jan disclose the details via media briefing on this new mechanism called "Scheduled Salary Deductions" or "Potongan Gaji Berjadual" (PGB) in Malay.

So, how many percent % would it be from your salary ???

How about first-class honors graduates?

On another initiative, graduates with first-class honors in 2019 would be exempted from repaying their PTPTN loans if they fulfill ALL the following conditions;

1. They are full-time bachelor’s degree students;
2. They graduate with first-class honors; and
3. They complete their studies on time and are categorized as a member of a B40 or M40 family when they complete their studies.

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10 Most Popular E-Wallet in Malaysia

It's time to go cashless! ❤❤❤ After knowing the unavoidable changes that landed here, e-wallet will take the market by force or by storm. From our previous article, 👉 "Why e-Wallet will be the Future Payment Method in Malaysia?" (click here), we continue with the topic of e-wallet.

No more carrying hefty cash.
You can do it all from your smartphone!

In this article, we will write about the most widely used / popular e-wallets in Malaysia. 

Steps-by-step to make payment

Here is some brief introduction of them... ↓↓↓

1. Boost
   ~ Developed by Axiata Digital Services Sdn Bhd, a unit of Axiata Group
   ~ Instant cash rebate via its addictive shake rewards after each transaction
   ~ Having the most users in Malaysia (around 3.5mil users)
   ~ Notable merchants: Borders bookstore, 99 SpeedMart, SenHeng, Nando's, Tesco, Teppanyaki, Regiustea, Petsmore, Mydin...
   ~ Click here to download from Google Play / App Store (Use code: yeo31ln) to get *RM5 cash back for your prepaid mobile top up
   
   
   
   
   
   
   
   
2. Touch N Go e-wallet
   ~ TNG Digital is a joint venture company between TNG and Ant Financial (a subsidiary of Alibaba group)
   ~ Able to add your physical Touchn'Go card(s) and view the real-time balance and latest 5 transactions (reload/top up feature will be coming very soon)
   ~ Can bind with your RFID and make your toll payments via your e-wallet money
   ~ Default wallet size is RM200, or RM1,500 with debit/credit card binding, or RM5,000 with RFID tag
   ~ Notable merchants: TGV cinema, MPH, Popular bookstore, Tesco, EspressoLab...
   ~ Click here to download from Google Play / App Store
   
   
   
   
   
   
   
3. Maybank QR Pay~ Obviously, this is by Maybank
   ~ Linked with the M2U mobile app togther with your saving/current account
   ~ *For transactions below RM250, biometric / M2U password is not required
   ~ Notable merchants: NeneChicken, MyBurgerLab, Coffea Coffee, Gloria Jean's Coffee...
   ~ Click here to download from Google Play / App Store
   
   
   
   
   
   
   
4. WeChat Pay~ Backed by the powerful Chinese tech company Tencent Holdings
   ~ One of the duopoly e-wallets in China, together with Alipay
   ~ Notable merchants: Starbucks, Petron petrol stations...
   ~ Click here to download from Google Play / App Store
   
   
   
   
   
   
   
   
5. Fave Pay~ Powered by Fave, the new owner of Groupon since end-2016
   ~ Recently partner with Boost as one of the mobile wallet payment option
   ~ Notable merchants: JuiceWorks, llaollao, AuntieAnne's, PappaRich...
   ~ First you have to download the FAVE app (Use code: FAVEALEX1039) to get *RM5 off your first purchase with a minimum of RM10 spent.
   ~ Click here to download from Google Play / App Store
   
   
   
   
   
   
   
6. Grab Pay~ Powered by Grab
   ~ Earn GrabRewards points each time you pay
   ~ Seamless payment for your Grad rides, GrabFood...
   ~ Notable merchants: Fish&Co., Tealive, Inside Scoop, Sakae Sushi...
   ~ Click here to download from Google Play / App Store
   
   
   
   
   
   
   
   
7. BigPay~ Owned by AirAsia
   ~ The only e-wallet which comes with a physical MasterCard prepaid card
   ~ Waive the 2% fee charged by overseas ATM cash withdrawals via the physical card
   ~ Waive processing fees when purchasing AirAsia flight tickets
   ~ Earn BIG points and also able to pay in local currency when you're abroad
   ~ Notable merchants: AirAsia (of course)
   ~ Click here to download from Google Play / App Store (Use code: VDN6123EJ2) to get *RM10 cash reward
   
   
   
   
   
   
   
   
8. MCash~ One of the pioneer to launch e-wallet service in Malaysia
   ~ Homegrown brand (It stands for 'M'alaysia Cash)
   ~ Notable merchants: KK Mart
   ~ Click here to download from Google Play / App Store
   
   
   
   
   
   
9. Kiple Pay~ Founded by listed company Green Packet Berhad
   ~ Previously known as Webcash
   ~ By signing up with kiplePay, it gives merchants more payment options such as internet banking, e-wallet and prepaid options on your respective online stores --- all under a single platform.
   ~ Notable merchants: Hai-O, Mydin, BeerFactory
   ~ Click here to download from Google Play / App Store
   
   
   
   
   
   
   
   
10. Vcash~ Powered by Digi Telecommunications Sdn Bhd in partnership with Valyou Sdn Bhd
    ~ Recently, Vcash gained access to more than 10,000 Ambank terminals merchants
    ~ Anyone with a smartphone can use this (not only DiGi users...)
    ~ Notable merchants: Manhattan Fish Market, Eggette Lab, New York Steak Shack...
    ~ Click here to download from Google Play / App Store

Interestingly, we noticed that most of these are either in colour of green or blue 😼😼😼

This is a guest article in collaboration with Facebook@EWalletForAll

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