{{redirect-multi|2|DuitNow|DuitNow QR|"Duit" (thermology)|Duit|"Duit" (currency) in Malaysia|Ringgit}} {{Short description|Malaysian finance company}} {{Infobox company | name = Payments Network Malaysia Sdn Bhd | logo = Payments Network Malaysia (PayNet) logo.png | logo_size = 200px | type = Private limited company | industry = Payment system | predecessor = {{Unbulleted list|MEPS|MyClear}} | founded = {{start date and age|2017|08|01|df=y}} | hq_location = Level 8, Menara Southpoint @ Mid Valley City, Medan Syed Putra Selatan | hq_location_city = 59200 Kuala Lumpur | hq_location_country = Malaysia | area_served = Malaysia | key_people = {{Unbulleted list|Anwar Ibrahim (CEO)}} | products = {{plainlist| *eSPICK *Interbank GIRO *JomPAY *MyDebit *FPX *DuitNow *DuitNow QR }} | services = Financial services | parent = Bank Negara Malaysia<br>Maybank<br>RHB Bank<br>Public Bank<br>CIMB Bank<br>AmBank<br>Hong Leong Bank<br>Affin Bank<br>Alliance Bank<br>Bank Islam<br>Bank Muamalat<br>Bank Rakyat | subsid = Malaysian Electronic Payment System Sdn Bhd<br>MEPS Currency Management Sdn Bhd | website = {{URL|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.<ref>{{Cite web |title=Merger of MyClear and MEPS – Strengthening Malaysia’s Payments Infrastructure to Accelerate Migration to E-Payments – Bank Negara Malaysia |url=https://www.bnm.gov.my/-/merger-of-myclear-and-meps-strengthening-malaysia-s-payments-infrastructure-to-accelerate-migration-to-e-payments |access-date=2023-03-17 |website=www.bnm.gov.my}}</ref> 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.<ref>{{Cite web |title=About PayNet {{!}} Corporate Profile |url=https://paynet.my/about-paynet.html |access-date=2023-03-17 |website=paynet.my}}</ref>
== 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.<ref>{{Cite web |last=Kawale |first=Ajinkya |date=1 July 2024 |title=RBI, four Asean countries tie up for cross-border payments platform |url=https://www.business-standard.com/finance/news/rbi-asean-countries-to-create-platform-for-retail-cross-border-payments-124070100585_1.html |access-date=2 July 2024 |website=Business Standard}}</ref>
=== 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.<ref>{{Cite web |last=Das |first=Mehul Reuben |date=2024-08-20 |title='Will integrate India’s UPI with Malaysia’s PayNet': PM Modi on signing MoUs with Malaysia’s PM Anwar |url=https://www.firstpost.com/tech/will-integrate-indias-upi-with-malaysias-paynet-pm-modi-on-signing-mous-with-malaysias-pm-anwar-13806443.html |access-date=2024-08-21 |website=Firstpost |language=en-us}}</ref>
== 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.
== See also == * National Payments Corporation of India * MAS Electronic Payment System
== References == {{Reflist}}
== External links == *[https://www.paynet.my/ paynet.my] *[https://www.jompay.com.my jompay.com.my] *[https://www.duitnow.my/ duitnow.my]
{{Interbank networks}}
Category:Financial services companies established in 2017 Category:Technology companies established in 2017 Category:Malaysian companies established in 2017 Category:2017 mergers and acquisitions Category:Companies based in Kuala Lumpur Category:Financial services companies of Malaysia Category:Payment service providers Category:Payment networks Category:Payment systems organizations Category:Banking in Malaysia