In a groundbreaking initiative, RHB Banking Group, in collaboration with Payments Network Malaysia (PayNet), has introduced the Dynamic DuitNow QR (DNQR) Soundbox with a keypad feature. This innovative device aims to revolutionize payment systems and combat financial fraud in Malaysia by enhancing the security and efficiency of digital transactions.
Enhancing Security with Real-Time Alerts
The Dynamic DNQR Soundbox is designed to support both static and dynamic QR payments, ensuring seamless transaction processing while reducing human error. One of its standout features is the real-time voice and visual alerts that notify both merchants and customers upon payment receipt. This functionality enhances security by providing instant confirmation of transactions, offering reassurance for both parties and helping to mitigate risks associated with cashless transactions.
RHB’s Dato’ Fad’l Mohamed, Managing Director of Group Wholesale Banking, emphasized that the device showcases RHB’s dedication to safeguarding consumers and merchants in an increasingly digital world. With built-in voice and visual alerts, the Dynamic DNQR Soundbox helps make the digital payment environment more secure, reducing fraud risks.
Boosting Transaction Volumes
Since its introduction in December 2023, RHB has successfully deployed nearly 4,000 DNQR merchants across Malaysia, equipping over 5,000 touchpoints with the Dynamic DNQR Soundbox. The initiative has already shown impressive results, with the number of DNQR transactions rising by 33%, from over 260,000 to almost 352,000 transactions. Additionally, transaction values surged from RM12 million to RM16 million in just five months.
The enhanced Dynamic DNQR Soundbox with keypad is expected to further bolster this growth. This upgraded version of the device enhances the user experience by adding a keypad, making it even more convenient for merchants and consumers to complete transactions securely.
RHB’s Vision for Financial Innovation
RHB’s ongoing commitment to innovation is reflected in its goal to become one of Malaysia’s top three DuitNow banks by the end of the year. As part of the Together We Progress 2024 (TWP24) strategy, RHB aims to expand its Dynamic DNQR Soundbox network significantly, empowering both businesses and consumers to engage more actively in Malaysia’s digital economy.
RHB’s focus is particularly on supporting micro, small, and medium enterprises (MSMEs), which are often the most vulnerable to financial fraud. The bank plans to roll out these tools first in suburban areas, gradually expanding to high-volume transaction businesses. This approach will help drive the adoption of cashless payments and contribute to the growth of Malaysia’s digital economy.
Collaboration for a Safer Digital Economy
In line with Bank Negara Malaysia’s fraud prevention initiatives, the partnership between RHB and PayNet highlights a shared commitment to strengthening payment security and supporting financial inclusion. By introducing the Dynamic DNQR Soundbox, both organizations aim to foster a safer, more efficient, and inclusive digital payment ecosystem.
Azrul Fakhzan Bin Mainor, Senior Director of PayNet’s Commercial Division, noted that innovation and security are crucial in developing a sustainable cashless payment landscape. He expressed that the collaboration with RHB underscores PayNet’s commitment to building a secure and efficient digital payments environment that empowers businesses and consumers alike.
Source: Paynet