Payments Network Malaysia

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

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

Project Nexus

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

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

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.

References

^ "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.
^ "About PayNet | Corporate Profile". paynet.my. Retrieved 2023-03-17.
^ Kawale, Ajinkya (1 July 2024). "RBI, four Asean countries tie up for cross-border payments platform". Business Standard. Retrieved 2 July 2024.
^ 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

[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.

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