Payments Network Malaysia

Payments Network Malaysia, commonly known as PayNet, is Malaysia’s national payments network and a provider of shared central infrastructure for the country’s financial markets. The company describes its role as enabling secure, seamless transactions and supporting an inclusive, accessible and efficient payments ecosystem. Its work serves individuals, businesses, financial institutions and government partners. PayNet was formed in 2017 through the merger of Malaysian Electronic Payment System (MEPS) and Malaysian Electronic Clearing Corporation (MyClear). The merger brought together capabilities and services developed over earlier decades, including shared ATM access, Interbank GIRO, domestic card infrastructure and financial-market payment services. PayNet’s official history records later nationwide services such as JomPAY, DuitNow and DuitNow QR, as well as expansion of QR and cross-border payment connections. Its offerings span national payment infrastructure and services for personal, business and financial-ecosystem users. The company’s corporate profile describes it as a national provider of financial market utilities. Its official materials also identify PayNet Certify, which supports payment-system security and standards through certification and testing. The company says that it reinvests surplus profits in Malaysia’s financial-market infrastructure rather than distributing dividends to shareholders. Bank Negara Malaysia is PayNet’s largest shareholder, alongside eleven Malaysian financial institutions. The company’s stated vision is to empower Malaysia’s digital economy, and its mission is to be a trusted enabler of inclusive and collaborative financial ecosystems. PayNet continues to present itself as a core national payments infrastructure provider, with official materials highlighting digital payment adoption, fraud prevention, financial literacy and broader community initiatives.

PayNet’s institutional history draws on the development of Malaysia’s shared payment infrastructure. Its official timeline begins in 1996, when MEPS launched a shared ATM network connecting banks and enabling nationwide transactions. Interbank GIRO went live in 2000. Domestic PIN-based cards followed in 2002, with chip cards rolling out in 2003. These early services established components of a shared national payments system. Further developments broadened the infrastructure and its reach. FPX launched in 2004. In 2005, the timeline records wider remittance access and Malaysia’s first cross-border ATM service. The ATM network expanded to Singapore and Thailand in 2006, and cross-border ATM access widened to China in 2007. In 2008, MyClear was formed and eSPICK modernised cheque processing. The history next records JomPAY’s nationwide launch in 2015. In 2017, MEPS and MyClear merged to form PayNet. The company introduced its logo on 1 August of that year. PayNet describes the merger as the starting point for its role in powering daily transactions and developing Malaysia’s digital-payment infrastructure. Its corporate model is supported by shareholders that include Bank Negara Malaysia and eleven Malaysian financial institutions. PayNet states that shareholders do not receive dividends and that surplus profits are reinvested in the resilience, competitiveness and accessibility of national financial-market infrastructure. The years after formation brought nationwide digital payment services. DuitNow launched nationwide in 2018. In 2019, DuitNow QR launched and MyDebit-NETS expanded. PayNet’s timeline associates 2023 with QR expansion, strengthened fraud prevention and advancing environmental, social and governance initiatives; it records further QR-network expansion and ESG impact in 2024. The 2025 entry names the PayNet Fintech Hub. Separately, PayNet Certify’s official page says that MEPS and MyClear introduced the Malaysian Chip Card Specification (MCCS) in 2015, that it was fully adopted by 2017, and that beginning in March 2024 PayNet Certify exclusively oversaw MCCS Card Type Approval. PayNet currently describes itself as Malaysia’s national payments network and provider of shared central infrastructure for the country’s financial markets. It serves personal, business and financial-ecosystem users, and its stated mission is to enable trusted, inclusive and collaborative financial ecosystems. Its present-day public materials also highlight fraud prevention, community support and financial literacy alongside its payment infrastructure role.

• 2025

  PayNet Fintech Hub takes flight

• 2024

  QR networks expand and ESG impact grows

• 2024

  PayNet Certify takes exclusive responsibility for MCCS Card Type Approval

• 2023

  QR expands and fraud-prevention and ESG initiatives advance

• 2019

  DuitNow QR launches and MyDebit-NETS expands

• 2018

  DuitNow launches nationwide

• 2017

  MEPS and MyClear merge to form PayNet

• 2017

  MCCS fully adopted

• 2015

  JomPAY launches nationwide; MCCS introduced

• 2008

  MyClear forms and eSPICK modernises cheques

• 2007

  Cross-border ATM access widens to China

• 2006

  ATM network expands to Singapore and Thailand

• 2005

  Remittance access widens and cross-border ATM service begins

• 2004

  FPX launches

• 2003

  Chip cards roll out

• 2002

  Domestic PIN-based cards launch

• 2000

  Interbank GIRO goes live

• 1996

  MEPS launches a shared ATM network

National payments network and shared financial-market infrastructure provider focused on secure, seamless, inclusive and efficient digital payments in Malaysia.

• DuitNow

  A digital payment service that PayNet’s timeline says launched nationwide in 2018.

• DuitNow QR

  A QR payment service whose launch is recorded in 2019.

• JomPAY

  A payment service launched nationwide in 2015.

• FPX

  A payment service listed in PayNet’s history as launched in 2004.

• Interbank GIRO (IBG)

  An interbank payment service that went live in 2000.

• MyDebit

  PayNet’s homepage identifies the MyDebit network in its coverage of Apple Pay transactions.

• PayNet Certify

  A certification and testing service for payment solutions, including MCCS-related testing and approval.

• MEPS and MyClear merge to form PayNetOther

• Surplus profits are reinvested rather than distributed as dividendsOther

1. 1PayNet: Malaysia’s Digital Payment Backbone | PayNet MYpaynet.my
2. 2Our Story - About Us | PayNet MYpaynet.my
3. 3Corporate Profile - About Us | PayNet MYpaynet.my
4. 4PayNet Certify - Financial Ecosystem | PayNet MYpaynet.my