RHB Banking Group, in partnership with Payments Network Malaysia (PayNet), has introduced the Dynamic DuitNow QR (DNQR) Soundbox, equipped with a keypad feature. This development is a key component of the Group’s strategy to tackle financial fraud.
The Dynamic DNQR Soundbox facilitates both static and dynamic QR payments. It is engineered to streamline transactions, minimize errors, and boost operational efficiency. The addition of an integrated calculator speeds up payment processing, making it ideal for environments with high transaction volumes like food and beverage establishments and retail stores.
Launched in December 2023, the DNQR Soundbox was developed by RHB to secure transactions through voice and display notifications upon payment receipt and to prevent fraud. To date, RHB has rolled out the DNQR solution to nearly 4,000 merchants, with 5,000 touchpoints featuring the DNQR Soundbox.
The initiative has shown significant growth, attracting over 600 new merchants, and seeing a 33% rise in DNQR transactions from over 260,000 to nearly 352,000. Transaction values also increased from RM12 million to RM16 million within a five-month span.
Dato’ Fad’l Mohamed, Managing Director, Group Wholesale Banking of RHB Banking Group, emphasised, “The Dynamic DNQR Soundbox exemplifies our commitment to safeguarding merchants and consumers in an increasingly digital landscape. Real-time voice and visual alerts provide reassurance and security, effectively mitigating risks associated with cashless transactions.”
In alignment with Bank Negara Malaysia’s fraud prevention initiatives, RHB continues to innovate to meet evolving customer needs. “Our focus is on empowering businesses, especially micro, small, and medium enterprises (MSMEs), with tools to safeguard against financial fraud. Starting with suburban MSMEs and expanding to high-volume transaction businesses, we aim to drive greater cashless payment adoption and contribute to Malaysia’s digital economy.”
Combatting fraud yields broad economic benefits, enhancing stability, operational efficiency, and public trust while reducing financial losses. The collaboration with PayNet underscores a shared commitment to bolster payment security and foster an inclusive financial ecosystem.
For more info, visit their website here.
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