Electronic Payment System In Malaysia

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.

Electronic payment system in malaysia. This is a homegrown mobile payment platform from digi that allows users to pay by just scanning a qr code. Paynet is the holding company for paynet group which comprises of two subsidiaries namely malaysian electronic payment system sdn bhd meps and meps currency management sdn bhd mcm. Through the collaboration between the bank and the payments industry efforts were made to improve and widen the access to the payments infrastructure identify and remove barriers to greater adoption of electronic payments and provide the necessary support to ensure the smooth transition to electronic payments. The malaysian electronic payment system meps is an interbank network service provider in malaysia in august 2017 meps has merged with malaysian electronic clearing corporation sdn bhd myclear to form payments network malaysia sdn bhd paynet.

Payment systems in malaysia. Electronic payments on the rise. In line with global trends banking business in malaysia too has been undergoing tremendous changes. A comprehensive legislation on the payment systems is being put in place to provide the mandate for bank negara malaysia to effectively oversee and facilitate greater development of the payment systems.

Here are 9 digital payment platforms in malaysia vcash. 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. Banking sector for the provision of a payment system that is compatible with the demands of the electronic marketplace. The irb increased its promotion efforts upgraded the system and hired staff to show taxpayers how to use it.

After malaysia s inland revenue board irb launched e filing and e payment for income taxes in 2004 the irb encountered several implementation challenges key among them the public s initial reluctance to use the new system. That s not it users will also be able to make money transfers to jompay and online banking they can also request for money. The paynet group is malaysia s premier payments network and central infrastructure for financial markets.