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Payments Network Malaysia

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Payments Network Malaysia Sdn Bhd
Company typePrivate limited company
IndustryPayment system
Predecessor
Founded1 August 2017; 7 years ago (2017-08-01)
HeadquartersTower 2A, Avenue 5, Bangsar South, 8 Jalan Kerinchi,
59200 Kuala Lumpur
,
Malaysia
Area served
Malaysia
Key people
  • Farhan Ahmad (CEO)
Products
  • eSPICK
  • Interbank GIRO
  • JomPAY
  • MyDebit
  • FPX
  • DuitNow
  • DuitNow QR
ServicesFinancial services
ParentBank Negara Malaysia
Maybank
RHB Bank
Public Bank
CIMB Bank
AmBank
Hong Leong Bank
Affin Bank
Alliance Bank
Bank Islam
Bank Muamalat
Bank Rakyat
SubsidiariesMalaysian Electronic Payment System Sdn Bhd
MEPS Currency Management Sdn Bhd
Websitepaynet.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

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

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 bank and E-wallets.
  • DuitNow QR – QR code payment scheme, a contactless payment method.

See also

References

  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.
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