Payments Network Malaysia

"DuitNow" and "DuitNow QR" redirect here. For "Duit" (thermology), see Duit. For "Duit" (currency) in Malaysia, see Ringgit.

Malaysian finance company

Payments Network Malaysia Sdn Bhd

Company type| Private limited company
Industry| Payment system
Predecessor|

* MEPS
* MyClear

Founded| 1 August 2017; 7 years ago (2017-08-01)
Headquarters| Level 8, Menara Southpoint @ Mid Valley City, Medan Syed Putra Selatan,

59200 Kuala Lumpur

Malaysia

Area served

| Malaysia

Key people

* Farhan Ahmad (CEO)

Products|

* eSPICK
* Interbank GIRO
* JomPAY
* MyDebit
* FPX
* DuitNow
* DuitNow QR

Services| Financial services
Parent| Bank Negara Malaysia
Maybank
RHB Bank
Public Bank
CIMB Bank
AmBank
Hong Leong Bank
Affin Bank
Alliance Bank
Bank Islam
Bank Muamalat
Bank Rakyat
Subsidiaries| Malaysian Electronic Payment System Sdn Bhd
MEPS Currency Management Sdn Bhd
Website| paynet.my

Payments Network Malaysia Sdn Bhd (PayNet) is the national payments network and shared central infrastructure for Malaysia’s financial markets. It was formed from the merger between the Malaysian Electronic Payment System (MEPS) and Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) on 1 August 2017.[1] PayNet is Malaysia's premier payments network and central infrastructure for financial markets.

Bank Negara Malaysia (BNM) owns a majority share in PayNet, along with eleven other local financial institutions as joint shareholders.[2]

## History

[edit]

PayNet was formed on 1 August 2017 from the merger of MEPs and My Clear.

### Project Nexus

[edit]

The Bank for International Settlements signed an agreement with Central Bank of Malaysia, Bank of Thailand, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and the Reserve Bank of India on 30 June 2024 as founding member of Project Nexus, a multilateral international initiative to enable retail cross-border payments. Bank Indonesia involved as a special observer. The platform, which is expected to go live by 2026, will interlink domestic fast payment systems of the member countries.[3]

### International fast payment linkage

[edit]

Following talks with Malaysian Prime Minister Anwar Ibrahim, Indian Prime Minister Narendra Modi declared on August 20, 2024, that his country intends to link its Unified Payment Interface (UPI) with PayNet.[4]

## Services

[edit]

The company's current service portfolio includes the following:

* eSPICK – the national cheque clearing system of Malaysia.
* JomPAY – a payment scheme for paying utility bills
* FPX – a direct-to-bank payment gateway.
* DuitNow – instant account-to-account payment across participating banks and E-wallets.
* DuitNow QR – QR code payment scheme, a contactless payment method.

## See also

[edit]

* National Payments Corporation of India
* MAS Electronic Payment System

## References

[edit]

1. ^ "Merger of MyClear and MEPS – Strengthening Malaysia's Payments Infrastructure to Accelerate Migration to E-Payments – Bank Negara Malaysia". www.bnm.gov.my. Retrieved 2023-03-17.
2. ^ "About PayNet | Corporate Profile". paynet.my. Retrieved 2023-03-17.
3. ^ Kawale, Ajinkya (1 July 2024). "RBI, four Asean countries tie up for cross-border payments platform". Business Standard. Retrieved 2 July 2024.
4. ^ Das, Mehul Reuben (2024-08-20). "'Will integrate India's UPI with Malaysia's PayNet': PM Modi on signing MoUs with Malaysia's PM Anwar". Firstpost. Retrieved 2024-08-21.

## External links

[edit]

* paynet.my
* jompay.com.my
* duitnow.my

* v
* t
* e

Interbank networks by region

Worldwide|

* CLS
* Cirrus
* Plus
* SWIFT

Africa|

* 123 (Egypt)
* Multicaixa (Angola)

Asia|

* ArCa (Armenia)
* BEFTN (Bangladesh)
* LankaPay (Sri Lanka)
* PayNet (Malaysia)
* Saudi Payments Network (Saudi Arabia)
* Shetab Banking System (Iran)
* Isracard (Israel)
* The Benefit Company (Bahrain)
* UnionPay (China)

| Pakistan|

* 1LINK
* MNET

|

Indonesia|

* ALTO
* ATM Bersama
* ATM Link
* PRIMA

Singapore|

* atm5
* EZ-Link
* MEPS+
* NETS

Philippines|

* BancNet
* ENS
* Nationlink

Hong Kong|

* CHATS
* EPS
* FPS
* JETCO

Japan|

* ACS [ja]
* BANCS [ja]
* LONGS [ja]
* MICS [ja]
* Yucho

India|

* FIS BANCS
* Euronet Cashnet
* CashTree
* MITR
* NFS
* RuPay

Europe|

* Allied Irish Banks Banklink (Ireland)
* Bancomat (Italy)
* Bancontact (Belgium)
* Currence (Netherlands)
* Girocard (Germany)
* Bankcard-Servicenetz
* Cash Group
* CashPool
* Carte Bleue (France)
* KoronaPay
* Mir
* Sbercard (Russia)
* Link
* Vocalink (United Kingdom)
* Multibanco (Portugal)
* Otto. (Finland)
* BH Mreža bankomata (Bosnia and Herzegovina)

| International|

* Eufiserv
* Euronet Worldwide
* European Payments Initiative
* Single Euro Payments Area
* TARGET Services

|

North America|

* Acculink
* Alberta Regional Network
* Armed Forces Financial Network
* ATH
* CarIFS
* Co-op Solutions
* Discover Network
* Pulse
* TYME
* FIS
* NYCE
* SUM
* fiserv
* Accel / The Exchange
* MoneyPass
* First Data
* STAR
* MAC
* Interac
* NCR
* Cardtronics
* Allpoint
* Visa
* Interlink
* Presto!
* SHAZAM
* Zelle

Oceania|

* EFTPOS

South America|

* Banco24Horas (Brazil)
* Banelco (Argentina)
* A Toda Hora (Colombia)
* Banred (Uruguay)
* GlobalNet (Peru)
* Redbanc (Chile)

* Category

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