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When it comes to online payments in Malaysia, two popular options are DuitNow and FPX. Both services are operated by Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and central infrastructure provider for Malaysia’s financial system. While both services aim to make payments more convenient, secure, and efficient for individuals, businesses, and government agencies, there are some key differences between the two.

DuitNow

DuitNow is a service that enables instant fund transfers between participating banks and e-wallets in Malaysia using just a recipient’s mobile number or National Registration Identity Card (NRIC) number. Here are some of the pros and cons of using DuitNow:

Pros:

  1. Instant and convenient. DuitNow transactions are processed in real-time, meaning that recipients receive funds instantly. This makes it a convenient option for making urgent payments.
  2. Secure. DuitNow transactions are highly secure, as they are authenticated using multiple layers of security, including mobile device verification, one-time passwords, and biometric authentication.
  3. No need for bank account details. With DuitNow, users only need to provide a recipient’s mobile number or NRIC number to make a payment, eliminating the need for bank account details. This can be especially useful for small businesses and individuals who may not have a formal bank account.

Cons:

  1. Limited availability. DuitNow is currently only available to users who have accounts with participating banks and e-wallets. This means that not all Malaysians can use the service.
  2. Transaction limits. DuitNow transactions are subject to certain limits, which may vary depending on the user’s bank or e-wallet provider. This can be a drawback for businesses or individuals who need to make large payments.
  3. Limited use cases. DuitNow is primarily designed for person-to-person (P2P) transfers, which means that it may not be suitable for all payment scenarios, such as online purchases or bill payments.

FPX

FPX is a payment gateway service that enables online banking customers to make real-time online payments using their savings, current, or credit card accounts. Example of payment gateway service such as eGHL, edxaPay, ToyyibPay, SenangPay or iPay88. Here are some of the pros and cons of using FPX:

Pros:

  1. Wide acceptance. FPX is widely accepted by merchants in Malaysia, making it a convenient option for online shoppers. It is supported by most major banks, meaning that users can choose from a wide range of banks to make payments.
  2. Secure. FPX transactions are highly secure, as they are authenticated using online banking credentials, such as a username and password or a security token.
  3. Suitable for various payment scenarios. FPX can be used for a wide range of payment scenarios, including online purchases, bill payments, and charitable donations.

Cons:

  1. Transaction fees. FPX transactions may be subject to transaction fees, which may vary depending on the user’s bank. This can be a drawback for users who want to avoid additional costs.
  2. No instant payments. FPX transactions may take up to two working days to be processed, which means that recipients may not receive funds immediately.
  3. Need for bank account details. With FPX, users need to provide their bank account details to make a payment, which may not be suitable for users who want to avoid disclosing their bank account information.

Conclusion:

In summary, both DuitNow and FPX are useful payment options for Malaysians, depending on their specific needs and preferences. DuitNow is ideal for P2P transfers, as it enables instant and secure payments without the need for bank account details. However, it may not be suitable for all payment scenarios and is subject to transaction limits.

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