Industry Insights

Can You Pay With DuitNow’s QR Abroad?

In today’s evolving digital landscape, the financial services industry is undergoing a significant transformation. Accelerated by the Covid-19 pandemic, we will be seeing a 42% increase in global volume for cashless payments from 2025 onwards. As such, we’re witnessing traditional modes of payment being replaced by innovative solutions. One such development is cross-border QR payments by DuitNow and it’s reforming the way Malaysians make transactions abroad in Southeast Asia.


Back in the day…

Travelling required exchanging currencies or using a credit card that incurred additional fees. Today? Travelling comes with absolute ease. For Malaysians, we can now utilise DuitNow’s QR payment in Indonesia, Singapore, and Thailand. On the flipside, travellers from aforementioned countries can also transact via QR payment in Malaysia. Accordingly, it’ll be with their own versions of DuitNow which is QRIS, NETS, and PromptPay respectively. Now, we can eliminate the need for cash, and travel with convenience, simplicity, and peace of mind. 

Furthermore, this payment revolution not only enables seamless transactions but it’s creating a network of interconnected payment ecosystems. That is to cater to the growing needs of a better payment experience. This collaborative nature amongst the countries marks a key milestone for us all!


How does it exactly work? 

If you’re a digital native, you would have already known how to utilise QR payments. However, for those who are not familiar, this is a quick breakdown on how it functions:-

Step 1: Use your device that is connected to a mobile banking service or e-wallet to scan the QR code displayed at the merchant’s location. 

Step 2: The payment amount is then deducted from your bank account or e-wallet balance.

Step 3: Transactions made from the QR payment will be converted into your home country’s currency (i.e. Ringgit Malaysia, MYR, if you’re Malaysian). Amount will be at the exchange rate set by PayNet based on the transaction date.

It’s truly that easy! 


How does this affect businesses? 

Additionally, one of the remarkable aspects of cross-border QR payments is the compatibility and connectivity between the countries. Prior to the pandemic, the annual traffic between Malaysia and Singapore was averaging at 12 million visitors. Between Malaysia and Indonesia? We were looking at an average of 5.6 million arrivals annually. Payment linkages will further increase the number of visitors as their travelling experiences are enhanced due to seamless and convenient payments. Moreover, cross-border payment highlights not only an established partnership but also the power to drive economic growth. Since there is reduction in cash handling and improved efficiency, it will help open up opportunities for businesses. It’s foreseeable that it will increase sales and reach into a new customer base.


What about consumers? 

In a nutshell, cross-border payments would mean a faster and better transaction journey. No longer do customers need to worry about carrying large sums of cash, exchanging currencies, and having leftover foreign currency unused. Just a simple scan abroad can effortlessly settle your purchase. 

As we venture into a more interconnected world, it is crucial for travellers to embrace the convenience of cross-border QR payments. By adopting this transaction method, Malaysians can truly experience hassle-free payments. So, the next time you plan your trip to Indonesia, Singapore, or Thailand – remember to explore the possibilities of QR payments! 

Safe travels and happy scanning!

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3 Factors Affecting Your Transaction Success Rates

In this exciting era of digital payments, it’s evident how much has changed over the years. We’ve seen payment methods evolve tremendously and with that, there is a term you should know: transaction success rate. This term is a huge deal and rightly so. “Why?” you might ask. Because it affects how your business gets paid and how happy your customers are with their shopping experience.

As 70% of Southeast Asian consumers have gone fully cashless, a business’s transaction success rate signifies a few things. That is: low transaction success rate means loss of revenue and in turn, leads to loss of brand image and significant value. Well, we definitely don’t want that.

What defines transaction success rates? 

Transaction success rates measure the percentage of successful payments out of all the attempts made on a website or app. Essentially, it’s a scorecard of how many payments successfully make their way to your business out of every 100 payment attempts. Let’s say out of the 100 attempts made, only 75 went through – that means your transaction success rate would be a cool 75%. (Though it’s important to note that this includes customers trying again after a failed transaction). But here’s the kicker: 33% of failed payments are never reattempted and this is largely due to the change in the digital payments landscape.

Three primary reasons that affects transaction success rates

As such, we need to understand the underlying causes of payment failures. There are various factors ranging from simple mistakes like entering the wrong OTP to technical glitches. So let’s break it down further:-


  1. Customers take too long to complete the payment process.
  2. Customers cancelling their payment.
  3. Payment processing failures at the bank or payment provider.


Accordingly, while some cancellations are intentional, there are also avoidable situations such as insufficient funds in the payment method. In some cases, suspicious behaviour is detected, for example, attempting to use a blocked or stolen credit card. 

As for the banks or payment providers, failures can occur due to transaction errors involving intermediaries within the payments ecosystem. This includes card networks (example: VISA, Mastercard, American Express), payment enablers (example: e-wallets, payment apps), and banks. Understanding the intricacies of payment failures is crucial for businesses to tackle these issues effectively. After all, the goal is to provide a seamless payment for customers.

Importance of transaction success rates

Therefore, it’s crystal clear that for many savvy consumers these days, the online realm, including payments, has become the go-to method for purchasing goods and services. In the Asia-Pacific region itself, cashless transactions are predicted to have an annual growth rate of 16% from 2020 to 2025. The clincher? There are higher expectations when it comes to the online shopping experience. Any hiccup in the payment process can result in customer churn for a brand. If all the failed attempts were instead successful, your business could witness a significant revenue boost. Prioritising seamless and successful payment experience can have a profound impact on your business’s bottom line. 

So, what can your business do?

The good news is that business owners have the power to improve their transaction success rates. This is where Curlec comes in – to ensure the checkout process can be as smooth as possible to reduce the chances of payment cancellations and cart abandonment. Curlec can maximise your business potential with multiple payment methods and a seamless user experience that would delight your customers. That way, you can enhance your transaction rates, resulting in increased revenue, improved customer satisfaction, and sustained growth.

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Subscription Business Model: How It Can Provide Consistent Revenue

Picture this: you’re scrolling through your Instagram feed and you come across an ad. It’s for a streaming service with the latest series or a monthly box with curated products. Sounds intriguing? Well, that’s just the tip of the iceberg that is subscriptions.

In Malaysia, the subscription business model is gaining momentum, capturing the attention of savvy consumers who seek for more than what they are looking for. Therefore, we’ll look at how it is shaping consumer behaviour and ultimately providing consistent revenue.

How has consumer behaviour evolved?

The e-commerce landscape is not what it used to be. Payment methods have expanded along with the rise of subscriptions. 37% of consumers worldwide have at least one ongoing subscription. By 2025, that number is expected to reach 53%. How is it gaining traction? By providing a curated experience and a sense of novelty. Whether it’s a physical product or a service, satisfied customers would subscribe in comparison to a one-off purchase. Think about it, less time-consuming and fuss-free to purchase groceries, watch the latest hit show, and more? An absolute dream for consumers these days.

Furthermore, consumer preference has shifted from ownership to usership. It’s no longer “mine, mine, mine!”. Now, it’s about a more savvy approach to consumption which is convenience, saving cost, and variety. You don’t see many (or any) DVD sellers as streaming services such as Netflix, HBO GO, and Apple TV+ emerge. Physical Blu-ray discs are no longer in demand. Why hoard when you can subscribe to a streaming service? It’s like having a library of goodies without the burden of ownership.

Now, how can businesses benefit from this? 

So we know that the rise of subscriptions has shifted consumer behaviour but how do businesses benefit from it? The straightforward answer is: consistent revenue. The subscription business model done right can provide predictable and recurring revenue streams. Not only that, it can also build a loyal customer base and improve customer retention rates. This is especially relevant for businesses that offer products or services that customers use on a regular basis. 

Additionally, subscription models can also provide valuable data insights such as customer preferences and buying behaviour. This can help with refining products or services to better meet their customer needs. There is undoubtedly a market for subscription models in Malaysia and let’s face it, who wouldn’t want predictable income and a loyal customer base?

The importance of efficient payments collection

We know companies love subscriptions because they provide predictable cash flow, however, we need to understand the importance of payment collections as well. Customer experience is key to retaining customers – your products or services can be very well amazing but having to input payment details each time is uninviting. Enter Curlec’s robust payments collection solution to ensure that both businesses and customers enjoy the convenience that comes with seamless recurring payments.

Whether direct debit or credit/debit cards, recurring payment is made completely fuss-free. Plus, businesses can ensure payments are collected on time, every time – maintaining steady cash flow. This is specifically important as it allows businesses to forecast revenue more accurately and plan for future growth. If you’re a subscription-based business who would like to explore our services to improve your payment processes and revenue stream, click the button below!


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All You Need to Know: Digital Payment Methods in Malaysia

In today’s fast-paced world of all things e-commerce, it’s crucial for businesses to offer a variety of digital payment methods to stay ahead of the game. Why? Due to ever-evolving technology, fierce competition in the market, and meeting your customer’s expectations. After all, who wants to deal with complicated payment processes? 

It’s about making it easy for your customers to complete their transactions and come back for more. So if you’re in the e-commerce game, read on to find out about the variety of digital payment methods out there that’ll keep your customers happy and your online sales soaring.

So, what is digital payment? 

In Malaysia, online payments have come a long way. Now, it’s about using electronic means to transfer money for goods or services through online platforms or digital devices. Gone are the days of carrying cash, coins, or your chequebook!

This tech-powered process uses payment processing networks or payment gateways to securely and efficiently handle transactions. The best part? These payment methods have made it easier for businesses to receive payments and for customers to transact online. 

Types of digital payment methods

Let’s take a closer look at the digital payment methods available and how you can leverage them for your business:

Bank transfer

Bank transfer, also known as FPX (Financial Process Exchange), is the most popular online payment method. In 2022, FPX transacted a total of RM251.4 billion. Why is it so widely used? Because there’s no need for credit cards or e-wallet. To use FPX, simply select it as a payment option, choose your bank, and authorise the payment through the bank’s online portal. For example, you can settle your internet bills without the hassle of entering your credit card details or dealing with multiple e-wallets. As such, it is both secure and convenient.

Credit card

Credit cards have always been a popular form of online payment, trusted by businesses and customers alike. Think about it: you’re ready to check out with your credit card in hand. With secured card processing networks like Visa, Mastercard, and more, you can easily pay with just a few clicks. But how does it work? By using the customer’s credit line, obtaining authorisation from the credit card issuer, and transferring funds from the customer’s account to the merchant’s for settlement. Although credit card usage has declined due to the Covid-19 pandemic, it is likely to increase throughout the next few years.

Debit card

Debit cards are similar to credit cards where they are both small plastic cards. The key distinction lies in the way the funds are handled. When using a debit card, the amount is directly deducted from the linked bank account, which should have a sufficient balance in the first place. Thus, it is important to have a bank account before obtaining a debit card. There are, however, prepaid debit cards – cards that allow you to top-up without being linked to your bank account such as BigPay. 


E-wallets are like your digital pockets, where you can safely stash your debit cards, credit cards, and other payment methods. All you need is a digital device to seamlessly make payments. Say goodbye to entering lengthy payment information for every transaction you make. Really, it’s no wonder up to 62% of Malaysians favour e-wallets, becoming a hit in the country. Some examples of widely used e-wallets are Touch ‘n Go, GrabPay, MAE (Maybank Anytime, Everywhere), and Boost.


DuitNow offers one of the most convenient payment experiences for online transactions. Using just your mobile number or National Registration Identity Card (NRIC), you can send and receive money instantly. Similar to e-wallets, it eliminates the need for information such as bank account details. This form of payment has become extremely popular among Malaysians, where over half the population prefers this real-time payment method. Imagine splitting bills with your friends for that mamak session with a few taps on your phone – it’s that simple. 

Direct debit

Direct debit is a hassle-free way to make online payments without the need for credit cards or e-wallets. It is widely accepted by online merchants and is secure, processed through trusted payment gateways. Furthermore, you can easily manage and monitor your payments through your online banking portal or application. Once authorised, direct debit allows merchants to automatically deduct funds from a customer’s account, ideal for recurring payments. Bid farewell to manual transfers and enjoy the peace of mind when dealing with subscriptions and more.

Now, how do you boost your business with Curlec? 

Overall, we now know the trend that payment methods play an extremely important role in the success of an e-commerce business. Limited payment methods can deter potential customers and lead to cart abandonment – an issue that is on the rise.

However, with Curlec, you can provide your business with multiple digital payment options. This will provide customers the flexibility to choose their preferred payment method, reduce barriers to purchase, and increase the likelihood of completing the transaction. Ultimately boosting your online sales and growing your business in the Malaysian e-commerce landscape.

Industry Insights Press

Curlec Announces New Integration Partnership, Becomes The First Payments Provider To Offer Direct Debit & FPX to Xero Users In Malaysia

Kuala Lumpur, DD MONTH YEARMalaysia’s leading payments platform, Curlec has announced its partnership with global small business finance platform, Xero to help empower businesses of all sizes to automate and reconcile their payment collections and take control of their cash flow.  

Curlec will be the first payments provider to offer bank-to-bank payment options such as Direct Debit and FPX to Xero users in Malaysia, in addition to card payments via credit and debit card.

Now available in the
Xero App Store, Malaysia, the partnership is the first tie up Curlec has made with a global cloud accounting software after the company announced its majority stake acquisition by Razorpay, India’s leading Payments and Banking Platform, February last year. 

Zac Liew, Co-Founder & CEO of Curlec stated that he was delighted to be working with Xero. 

“We are incredibly proud to be working with Xero to help revolutionise the way businesses transact in Malaysia. This new integration structure is the first step to offer Malaysian business owners who have traditionally relied on disjointed systems and manual processes, the technology that can help run their businesses better with an easy integration into Xero – making their processes better, faster and smarter,” said Liew. 

Whether it is recurring or one-off payments,
the partnership aims to solve some of the biggest payment reconciliation issues faced by local businesses historically – getting rid of the previous heavy admin and paperwork to process and reconcile payments. Businesses can now create a seamless payment collection experience online for their customers through Direct Debit, FPX and credit/debit cards, as well as automate its reconciliation process through Xero’s cloud-based accounting software, all within a few simple clicks. This ultimately puts businesses in control of when they get paid and their cash flow.

“The partnership with Curlec is an affirmation of our ongoing commitment to bring Xero to businesses in Malaysia who are looking for cloud based solutions to help scale their business,” said xx,xx at Xero. “By partnering with Curlec on this app integration, we’re enabling business owners to tune their operational efficiency and ultimately automate their processes to grow their operations in today’s digital world.”

Xero’s cloud accounting software helps businesses sync bank and financial information, monitor cash flow, reconcile transactions, send invoices and get paid faster with online payment options. The Xero platform can help eliminate manual data entry and provides business owners with seamless bookkeeping, so they can get a better picture of how their business is performing, identify pain points and uncover new opportunities for growth.


Check out the new Curlec integration in the Xero App Store here


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Curlec + Xero: When Payments Meet Bookkeeping

We’ve all been there. You sell a product or service, raise an invoice, and then, you have to wait for the customer to pay. There is nothing more frustrating. 

Cash flow problems are common concerns for businesses, big or small. And as business owners, when you don’t have an efficient process in place to get paid, the resulting late payments give a negative impact on your returns. 

While at the core of these problems are the methods used to collect payments, syncing your books with these billings can also be a difficult challenge. 

Building an entire payment infrastructure to power your business is just not an option for most businesses, even large ones. Today, Curlec + Xero provides you with this option, ready to use.

What is Xero?

Xero is a world leading online accounting software built for small businesses. The platform automates many day-to-day tasks and keeps business owners up to date on the operations side of business – eliminating manual data entry and providing businesses with seamless bookkeeping, so they can get a better picture of how their business is performing, identify pain points and uncover new opportunities for growth.

The Curlec + Xero Integration

Whether it is recurring or one-off payments, Curlec’s new integration with Xero is solving some of the biggest payment collection and reconciliation issues faced by local businesses – getting rid of the previous heavy admin and paperwork to process and reconcile payments. 

The first payments provider to offer Direct Debit & FPX to Xero users in Malaysia

Businesses can now create a seamless payment collection experience online for their customers through Direct Debit, FPX and credit/debit cards, as well as automate its reconciliation process through Xero’s cloud-based accounting software, all within a few simple clicks. This ultimately puts businesses in control of when they get paid and their cash flow.

In addition to that, the Curlec + Xero integration also helps businesses digitise their payment operations to provide their customers with a far more convenient payment experience. Afterall, how a customer pays, affects how long they stay.

Why is it important for your business?

As a business owner, you want to spend as little time and money possible to get back as much revenue and returns as you can. The Curlec + Xero integration helps you do just that, by providing the right combination of online tools to handle your operations and grow your business.


  •  Seamless Integration
    With hassle-free payment collection and automatic account reconciliation, simplify your bookkeeping process and save time on manual admin work to reconcile your transactions with an easy integration with Xero all within a few clicks.

  • Multiple Payment Methods
    Enrol customers for recurring payments via Direct Debit or credit/debit card, and have your payment collections scheduled for whenever it is due. Alternatively, you can also collect one-off payments through FPX or card by including a ‘Pay Now’ button in your Xero invoice for instant.

  • Cloud Accounting On The Go
    As business owners, you can stay connected anytime, anywhere, and on any device to keep track of your payment transactions and cash flow. Get real time updates and use Xero’s mobile app to send invoices and reconcile your accounts on the go!

Supercharge your payments today!

Connect with us to find out how we can help your business grow. For more info, check out the new Curlec + Xero integration here or find us in the Xero App Store here

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Curlec Year In Review: New Investors, New Features, New Beginnings! 🚀

In a blink of an eye, 2022 is coming to an end. Where did time go?

We at Curlec have been busy. After a whirlwind 2021 that brought us the new normal, 2022 was a year of new beginnings. New investors, new features, new products – all with the aim to support and propel the growth of our merchants and partners to take control of their cash flow.

As we step into 2023, let’s take a look back at some incredible milestones we’ve achieved.

Acquisition by Razorpay India


We started the year off with the announcement of our acquisition by India’s leading Payments & Banking platform – Razorpay, with a vision of building payment and banking solutions from top to bottom, for any business.

Check out the press release here

Introduction of Curlec by Razorpay

Untitled design

With the acquisition, we launched a brand new logo to mark the beginning of a new chapter. We’re still the same Curlec that you know and love, just better, stronger and faster!

Improved Technology


We experienced a year of innovation success and excellence. We’ve released many new features – all centred around making Curlec smarter, faster and easier for customers to transact, and for merchants to collect. 

The Return of Offline Events


This year, we were excited to welcome back offline events, reconnecting with our merchants and partners in person since the pandemic!

Our Team Grew

Created with RNI Films app. Preset 'Agfa Precisa 100'

From a small office of 20, we are now a strong team of 48! 2022 was focused on building a talented and diverse team with the sole purpose of serving our merchants better.

The Best Is Yet To Come!

We have big plans for 2023. Backed with a solid team, new features designed for a greater digital payment experience are coming your way!

We trust that you’ve had a monumental year, and wish that you’ll have more of these great moments with Curlec in the year ahead. Whether you’re having a white Christmas or a warm Yuletide, this is the season to be merry.

Wishing you a Merry Christmas and a Happy New Year from all of us at Curlec!

Industry Insights Press

Curlec Is One Of Five Startups Across APAC Selected For Visa’s First Accelerator Program

Curlec has been selected as one of five inaugural cohort of startups to be part of Visa’s first ever Accelerator Program in Asia Pacific this 2021. 

Over the next four to six months, the participating startups will focus on creating defined commercial opportunities to collaborate on new payment solutions with Visa and its extensive network of bank and merchant partners. A key goal for the accelerator program is to support startups that have launched successful solutions in their home markets as they plan their next stage of growth.

“Hundreds of startups came forward with outstanding ideas for new and enhanced commerce experiences, but the five participants we’ve selected truly stood out,” said Chris Clark, regional president, Asia Pacific, Visa. 


“We’re excited to work with each of the startups in our first cohort to bring their concepts to life and expand their businesses into new markets across the region.”

As a subscription management platform, Curlec will be working on some of the most pressing financial and technological opportunities in Asia Pacific, and develop new ways to pay and be paid digitally to help drive financial inclusion for more consumers and businesses

“We applied to the Visa program as we felt that Visa’s global scale could help us accelerate the growth of our business, particularly outside our home country of Malaysia. We’re extremely excited to get started as we feel that Visa’s vision of the subscription economy and the future of commerce deeply aligns to ours, and we look forward to scaling this to the rest of Asia Pacific  and beyond,” said Zac Liew, Co-founder & CEO, Curlec.

Curlec will be joined by Brankas, DigitSecure, ModusBox and Open as cohorts for the upcoming program. 

For more information on the announcement, check out the full press release


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Why You Should Be Billing Your Customers On A Recurring Basis

From fresh flowers to coffee machines and yes even cars, recurring billing has come a long way from its traditional use cases of utilities and rent.

At the heart of it lies a shift in consumer buying habits. Hunting for overall experience, rather than just product. Becoming a user, but not necessarily an owner. 

More and more consumers demand flexibility and customizability, from the way they pay to the way they are able to access the service or product at hand.

So why should you as a Malaysian business owner, give ear to this rising trend in recurring payments?

Let’s talk about why you should be billing your customers on a recurring basis. 

What are included in recurring payments?

In our previous article on recurring vs one-off payments, we defined recurring payments as transactions that are made repeatedly and periodically over a certain schedule. 

These include:

  • Subscriptions (Netflix, subscription boxes, mobile plans, gym memberships).
  • Instalment plans (loans, mortgage, and services such as MrPayLater or RiiPay, which enable you to split up the price of a purchase into instalments).

Top 5 benefits of recurring payments for businesses

1.   Knowing your due payments helps to better predict revenue

If you won a million dollars, would you prefer to receive it all one go, or split into a hundred thousand over 10 months?

The same analogy can be applied to your business too. A recurring billing model will provide concrete figures you know you can bank on within a certain timeframe. With traditional models, you’re left in the dark for the majority of the time outside of mere forecasts and estimates.

While you’re not receiving the entire sum at a single go, the spread-out payments does give you some reassurance for the months to come – even when you get hit by unexpected dips. This means that you, as the business owner will obtain better cost management over your business operations, as well as a healthier cash flow overall. 

2.   Grow better long-term relationships with customers and watch it flourish

Collecting recurring payments from your customers is a surefire way to foster a more valuable relationship with your customer. Granted, that relationship may or may not be mandated by contract (e.g. instalment payments for a computer), but on your end, you have a fixed term in which you get to “prove yourself” to the customer.

By offering recurring payments, you lower the affordability barrier for customers to try out your service or product. As they come to the end of the term, whether or not they choose to renew depends on how you’ve nurtured the customer relationship (among other things).

Take for example a customer who signs up for a 6-month contract for a software product. 

Throughout that term, all the interactions and engagements the customer experiences both with the software and the company come together to form an enriching and memorable experience for the customer. 

3.   Snip, snip! Cut down on administrative costs and time.

With recurring payments, you can minimise the legwork involved with traditional payments. For your business, that might mean addressing invoices (then following up endlessly) or always having to keep up to date with due payments.

This eats away at everyone’s time and piles unnecessary numbers onto the operation costs. 

Given the right software, the initial set-up can be as simple as a registration form messaged to the customer to fill up on their own accord. The system can then automatically receive the payments, process them and track them all at a glance.

Cutting out the time, costs and energy associated with debt collection ultimately frees up more time to do work that matters. 

4.   Consumers prioritise flexibility. Give them that!

One of the strongest pros synonymous with recurring billing is its customizability. The power of personalisation is more prominent than ever, yet not something many businesses are able to provide. 

Recurring billing doesn’t always have to be so rigid. If need be and customers request, payment softwares like Curlec enable you to customise the billing amount, date and frequency to a T.  Sounds messy? The system keeps track of it so you don’t have to. 

5.   Expand your reach by opening up more payment opportunities

From the standpoint of customer reach, do you think lowering your service/product’s price point could be beneficial?

By offering recurring billing as an option, you open up more avenues for customers to access what you’re offering. On the customers’ end, the promise of flexibility, affordability and less upfront commitment are attractive regardless of what the product/service is.

Appealing to a wider audience doesn’t mean you have to switch up your billing processes completely. Of course, bombarding your customers with every payment option under the sun makes no sense for both you and the customers, but you would benefit from a payment software which enables you to do more than just one thing.


Make recurring payments work for you with Curlec

At Curlec, we like to think we’re a payment software built for recurring paymentsminus the rigidity, plus all the customisability you need.

Curlec enables businesses to collect payments from customers’ bank accounts and debit/credit cards – either on a recurring basis or one-off.

After the initial set-up, the entire process is hands off, both for you and the customer. 

Interested to explore recurring billing for your business? Get in touch with us via the form below to find out more! 


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Payment Trends On The Horizon For 2021

We get it – having to stay afloat as a business during downturns like this is a feat in itself, what more having to stay on top of your payment game.

As we find ourselves easing into 2021, we’ve compiled four payment trends we expect to see in Malaysia’s payments landscape for the year ahead – so you can stay in the know even while you focus on running your business.

2021 payment trends in Malaysia

  • Further decline in cash usage

It’s 2021, and surely by now most Malaysians are clear on our dreams for a cashless future.

But what does that look like in numbers? Here’s how we’re faring so far according to Bank Negara’s indicators of a cashless society.

Cashless indicators200620102019
e-Payment transactions (per person)2944149.5
Debit card transactions (per person)0.20.611.4

So when the question of whether or not we’re still en route towards our cashless dream is posed, the answer is a big, resounding, yes!

For something closer to home, it goes without saying that the pandemic has been a huge catalyst to digital payments too. 

For Curlec, our role in this cashless movement began even before our inception, starting from when we built the Direct Debit processing system which is currently being used by all participating banks with Direct Debit in Malaysia. 

And as the volume of FPX, Direct Debit and internet banking transactions continues to rise in 2020, we don’t expect cash to stop fading into the background anytime soon. 


  • Subscriptions and recurring payments

Helping SMEs process recurring payments has always been the name of the game for us at Curlec. Be it rental collections or school fees, automating the process makes life easier for all parties involved. 

On one hand, merchants can cut down on time spent chasing down late payments. On the other, consumers don’t have to keep up with making their monthly payments manually.

According to EY, 38.8% of their webcast participants listed adoption of alternative payment methods as the biggest positive outcome from the COVID-19 payments landscape.

So as the impact of the pandemic continues, we can expect recurring payments to carve up even more market as Malaysians look towards more convenient methods for the payments they’re already making on a regular basis.


  • Interest-free instalments.

Hoolah, Kaleklik, Riipay, Mr Pay Later…do any of these names ring a bell to you?

These companies are just among a handful in the Buy-Now-Pay-Later sector offering short-term credit to consumers. 

BNPL players like the ones listed above let consumers make big-ticket purchases without having to pay the full fee upfront, nor use their credit card or take out a loan. 

So how do they do it?

These companies typically offer alternative credit solutions by paying for the consumer’s purchase first, then splitting it up into an instalment scheme for the consumer to pay over a short term. 

Consumers flock to this solution for its low regulatory requirements and sometimes even zero interest fees! Earnings are mostly derived from late fees and arrangements with the merchants. 

Curlec ties in by making it easier for merchants to set up instalment plans for their products or services, no matter how small. 


  • More efficient payment systems

With so many payment methods, it can be unreasonable for business to be able to cater to all of them. But with consumers expecting their favourite payment methods to be met, how are we to cope?

As the various payments become increasingly consolidated, they become more efficient too.

In other words, instead of having to balance a cash register, petty cash, card terminal machine, merchant e-Wallet apps, online banking, auto/direct debit and all the admin associated with those payments, merchants can have the option of using two or three platforms where they can be managed at a glance.

Corporates too, will be glad to know that this efficiency may also translate to their internal functions. 

For instance, many might associate Curlec as a system that primarily debits from customers’ bank accounts. Some of the new features we’ve rolled out in the previous year however, also include Payouts, where merchants can now send out payment – to stakeholders, for refunds or for payroll etc.

How customers make their transactions are also set to be more efficient too, as in-store and online payment systems are bridged to become a single unified experience.

Curlec’s eMandate form can be used by both online and offline retailers – accessed in store or sent via Whatsapp and email too.

Bringing your customers along the way.

Easily said, but not so easily done. When it comes time to make the switch to digital recurring payments, not all your customers will be happy to hop onboard.

You can ease them in by:

  • letting them know why
  • making it easy for them
  • incentivising the preferred payment option

This 2021, seize the most out of the payment transitions ahead and find out how Curlec can help you make the move towards digital recurring payments. Scroll down to get in touch with us in the form below!