Electronic Payment System In Malaysia

In august 2017 meps has merged with malaysian electronic clearing corporation sdn bhd myclear to form payments network malaysia sdn bhd paynet.

Electronic payment system in malaysia. This payment method is offered by many malaysian banks including maybank2u cimb clicks hong leong connect rhb now af n online amonline pbe and bank islam. Payments network malaysia sdn bhd paynet provides secure reliable and efficient world class payment systems and financial markets infrastructure in malaysia. Online stored value systems. Payments network malaysia sdn bhd paynet is the parent company of the paynet group which has two main subsidiaries namely malaysian electronic payment system sdn bhd meps and meps currency management sdn bhd mcm.

This is a homegrown mobile payment platform from digi that allows users to pay by just scanning a qr code. The paynet group is malaysia s premier payments network and central infrastructure for financial markets. The meps san is operated by the malaysian electronic payment system sdn bhd meps which services offered includes cross border cash withdrawal interbank atm funds transfer ibtf interbank mobile prepaid top up and credit card and loan repayment. There are currently two shared atm networks namely the meps san and house.

That s not it users will also be able to make money transfers to jompay and online banking they can also request for money. While the transition to electronic payments will be gradual and may span several years efforts would be intensified to encourage the public to use electronic payment methods with more initiatives to be undertaken in the years to come in tandem with. With the result of the merger paynet is now the holding company for the paynet group which comprises two main subsidiaries namely malaysian electronic payment system sdn bhd meps and meps currency management sdn bhd mcm. Here are 9 digital payment platforms in malaysia vcash.

Online bank transfers online bank transfer is the primary method of payment for ecommerce accounting for 50 of online purchases. Types of retail payment instrument. This is demonstrated by the increase in the number of electronic payment transactions made per capita to 56 transactions in 2012 as compared to 14 3 in 2003 and that more than 80 of retail payment transactions are conducted electronically. National electronic cheque information clearing system espick and cheque truncation and conversion system ctcs shared atm network san interbank giro ibg financial process exchange fpx direct debit.

Retail payments in malaysia can be divided into three categories.