Payments Network Malaysia

Payments Network Malaysia Sdn Bhd

Company type	Private limited company
Industry	Payment system
Predecessor	MEPS MyClear
Founded	1 August 2017; 6 years ago (2017-08-01)
Headquarters	Tower 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
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.

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
• PayNet

References[edit]

External links[edit]

• paynet.my
• jompay.com.my
• duitnow.my