Malaysia vs United States · Real-time payment systems compared
| Capability | DuitNow | FedNow |
|---|---|---|
| QR Code Payments | ✓ | — |
| Wallet Support | ✓ | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | ✓ | — |
| ISO 20022 | ✓ | ✓ |
| Request to Pay | ✓ | ✓ |
| Open API | ✓ | ✓ |
| Alias/Proxy | ✓ | — |
Malaysia's unified real-time payment platform operated by Payments Network Malaysia (PayNet). DuitNow supports instant transfers via mobile number, NRIC, passport number, or business registration, with DuitNow QR enabling interoperable merchant payments across all banks and e-wallets. The system also includes DuitNow Request (request-to-pay) and DuitNow Autodebit for recurring payments. Cross-border QR linkages with Thailand's PromptPay, Singapore's PayNow, and Indonesia's QRIS are live or in progress.
The Federal Reserve's instant payment service enabling US banks and credit unions to send and receive payments in seconds, 24/7/365. Launched in July 2023, FedNow is the first new Fed payment rail in 50 years and aims to democratise instant payments by giving all 10,000+ US depository institutions direct access (unlike the private-sector RTP). Supports credit transfers up to $500K with plans to add request-for-payment and other features. Note: FedNow shows extreme growth rates as it scales from a low base — value jumped 35x in Q3 2024 as larger institutions onboarded, which is typical for newly launched payment systems.