PaynGo is National Economic Development Initiative by Malaysia Economic Development Council and approved by Bank Negara Malaysia (The Central Bank Of Malaysia).
The Application offers mobile payment processing and money transfer functions and aims to replace the physical wallet with a mobile phone. It converts cash-based users to e-payment-based users, where e-money will be treated as a primary source of funds to purchase goods and services.
Qr Code Technology is short for Quick Response (They can be read quickly by cell phone).
This Qr Code are used to take a piece of information from a transitory media and put it into your cell phone.
PaynGo applications will generate QR Code for each merchants ,biller etc for transaction process.Payers also can generate the QR Code to make a payment and do transaction.
With PaynGo now you can do Peer-to-peer transactions (also referred to as person-to-person transactions, P2P transactions, or P2P payments) are electronic money transfers made from one person to another through an intermediary, typically referred to as a P2P payment application.
E–commerce — electronic commerce or EC — is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. These business transactions occur either as business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business.