PayNet

What PayNet does

PayNet (Payments Network Malaysia Sdn Bhd) is Malaysia's designated national payments network operator, formed in 2017 from the merger of MEPS and MyClear under Bank Negara Malaysia's oversight. The company operates the country's core retail payment rails, including the DuitNow suite (QR, Transfer, Request, AutoDebit, and cross-border transfers), MyDebit (national debit card network with Apple Pay and tap-on-phone capabilities), FPX (online bank transfers), JomPAY (bill payments across 42 banks), Interbank GIRO (bulk payments), and DirectDebit (recurring collections), plus the shared ATM network.

In 2025, PayNet processed 8.44 billion transactions (transaction value equivalent to 4x Malaysia's GDP) at an average rate of 260 transactions per second with 99.995% service availability, across 3 million+ DuitNow QR acceptance points and with cross-border QR interoperability live in six countries (Singapore, Thailand, Indonesia, China, Cambodia, India). The company has been selected, jointly with Singapore's NETS, as the Nexus Technical Operator for the ASEAN-wide Project Nexus instant payment interoperability hub targeting 2027 go-live, and has been mandated by Bank Negara Malaysia to build and operate the national Open Finance platform for phased rollout from 2027.

PayNet generates revenue through transaction-based fees on payment processing volumes across its rails, supplemented by certification services (it is Malaysia's sole MCCS Chip Card Specification certifier), the National Fraud Portal (53 participating institutions), the PayNet Fintech Hub (50 fintechs supported since May 2025), and emerging open finance revenues. The company serves Malaysian banks, non-bank financial institutions, MSMEs, fintechs, universities, and government agencies through a B2B2C distribution model, and is led by CEO Praveen Rajan (effective February 1, 2026), with a workforce of 251-500 employees headquartered in Kuala Lumpur.

Name

PayNet

Legal name

Payments Network Malaysia Sdn Bhd

Website

https://paynet.my

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

251–500 employees

Short description

PayNet (Payments Network Malaysia Sdn Bhd) is Malaysia's designated national payments network operator, providing core retail payment rails (DuitNow, MyDebit, FPX, JomPAY, DirectDebit, IBG) serving banks, MSMEs, fintechs, and government agencies, processing 8.44 billion transactions in 2025.

Ownership category

akta.pro rank

Product category

Payment Network Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Credit Card Issuing (522210)

akta.pro primary industry

Alternative Payments & Digital Wallet Acceptance (A2A, RTP, wallets) (THALAHAH)

akta.pro secondary industries

Card Issuing & Virtual Cards (lodge cards, single-use, tokenization) (THALAHAB), Fraud Prevention, Risk Scoring & Chargeback Management (THALAHAF)

Keywords

• National payment infrastructure
• Real-time retail payments
• QR payment interoperability
• Cross-border payments
• Open finance framework

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Transaction Processing Fees: PayNet generates revenue through transaction fees charged on digital payment volumes processed through its national payment network including DuitNow QR, MyDebit, FPX, JomPAY, and Interbank GIRO services
2. Banking and Financial Institution Services: Services to banks and financial institutions including shared ATM network, certification services, and participation in the national payment infrastructure
3. Cross-Border Payment Services: Facilitates cross-border QR payments and fund transfers with linkages to Singapore, Thailand, Indonesia, China, Cambodia and India, generating revenue from international transaction processing

Pricing tiers

Go-to-market motion1 record

Distribution channels9 records

Marketing channels7 records

Core offering

PayNet designs, builds, and operates Malaysia's national digital payment infrastructure, providing real-time retail payment rails including DuitNow QR and Transfer, MyDebit card network, FPX online payments, JomPAY bill payments, Interbank GIRO bulk transfers, and DirectDebit recurring collections. The company also offers cross-border QR payment interoperability with six countries, the National Fraud Portal for coordinated fraud response, the Open Finance Malaysia framework for consent-based data sharing, PayNet Certify for MCCS/EMV certification, and a shared ATM network.

Product overview

PayNet operates as Malaysia's national payments infrastructure backbone offering a unified platform-plus-modules architecture. The core platform consists of retail payment rails including DuitNow (QR, Transfer, Request, AutoDebit, Cross-Border), MyDebit (debit card network, Cash Out, Tap on Phone), FPX (online payments), JomPAY (bill payments), Interbank GIRO (bulk payments), and DirectDebit (recurring collections). These are complemented by shared infrastructure services (Shared ATM Network) and ecosystem enablement modules including the PayNet Fintech Hub for startup acceleration, PayNet Certify for product certification, the National Fraud Portal for coordinated fraud response, Open Finance Malaysia for consent-based data sharing, and community initiatives (PayNet Akar, PayNet Cambah, PayNet Digital Campus). The ecosystem processes 8.44 billion transactions annually across more than 3 million DuitNow QR touchpoints.

Differentiator

Problem solved

Functional benefit

Brands

• DuitNow: National QR payment and instant transfer system enabling cashless transactions via QR codes and mobile numbers
• MyDebit
• FPX
• JomPAY
• PayNet Fintech Hub
• PayNet Akar
• PayNet Cambah
• National Fraud Portal
• Open Finance Malaysia

Products and services

• DuitNow QR
• DuitNow Transfer Instant fund transfer service allowing users to send and receive money using mobile numbers or DuitNow IDs across all participating banks and e-wallets in Malaysia. Available to retail consumers and businesses for real-time interbank transfers.
• DuitNow Request Request-to-pay service enabling users to request money from friends or family instantly via DuitNow with real-time notification and settlement. Available to retail consumers and businesses for simplified receivables collection.
• DuitNow AutoDebit Automated recurring payment service allowing consumers to authorize merchants to collect recurring payments directly from their bank accounts on scheduled dates. Available to businesses for subscription billing and to consumers for automated payment management.
• DuitNow Cross-Border QR Payment Cross-border QR payment service enabling users to pay merchants abroad and foreign travelers to pay at DuitNow QR acceptance points in Malaysia, with interoperability to Singapore, Thailand, Indonesia, Cambodia, China, and India. Processed 29.7 million cross-border QR transactions in 2025.
• DuitNow Cross-Border Fund Transfer Cross-border fund transfer service enabling users to send money to Singapore in seconds through real-time interbank transfers. Available to retail consumers and businesses for fast international remittances.
• FPX Online payment gateway enabling fast, secure online transactions through internet banking and e-wallets, supporting purchases and bill payments across participating financial institutions. Available to e-commerce merchants and online businesses.
• MyDebit National debit card payment network enabling instant card payments at points of sale through contactless tap-and-pay, supporting ATM card transactions across shared ATM network infrastructure. Includes Apple Pay integration via tokenization with IDEMIA Secure Transactions. Available to banks, merchants, and consumers.
• JomPAY National bill payment service enabling consumers to pay bills from over 42 participating banks through internet banking, mobile banking, or ATMs using a unique Biller Code. Available to billers (businesses) for nationwide payment collection and to consumers for convenient bill payment.
• Interbank GIRO (IBG) Bulk payment and fund transfer service enabling businesses to process high-volume payments including payroll, vendor disbursements, and mass payments efficiently across 22+ banks. Available to enterprises for large-scale interbank transfers.
• DirectDebit Automated recurring payment collection service for businesses, enabling collection of subscriptions, installments, and monthly payments from multiple banks via auto-debit mandates. Available to enterprises for recurring receivables across 22 participating banks.
• Shared ATM Network Shared ATM infrastructure linking financial institutions for nationwide ATM convenience, enabling cross-border convenience for inbound transactions from Indonesia, Thailand, Vietnam, China, and South Korea via UnionPay and Discover. Available to banks for shared ATM services.
• National Fraud Portal Centralized fraud management platform enabling banks and regulators to share information, identify mule accounts, trace suspicious transactions, and coordinate fund recovery efforts, with 53 ecosystem participants managing 145,011 incidents. Identified 57,700 victim accounts and earmarked approximately RM46 million (US$12 million) for fund recovery in 2025. Available to banks, regulators, and enforcement agencies.
• Open Finance Malaysia National framework enabling secure, consent-based financial data sharing between banks and third-party providers, supporting personal financial management, credit underwriting for underserved customers, and streamlined account opening processes. Available to banks, fintechs, and third-party providers for open finance integration.

Quantifiable outcome

• 8.44 billion digital payment transactions processed in 2025, a year-on-year increase driven by 30.69% bank transaction growth and 71.7% non-bank transaction growth
• +3 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature8 records

Partnerships

20 partnerships are on record, tiered core and minor.

• Bank Negara MalaysiacoreStrategic or Co-development Partner · 22 May 2026Bank Negara Malaysia working with PayNet to develop Open Finance infrastructure for Malaysia. BNM plans phased implementation starting 2027, with PayNet building and operating the technical platform. Initial use cases include personal financial management, API-based document submission, and expanded financing access for MSMEs.
• Imperial College LondonminorStrategic or Co-development Partner · 7 May 2026Partnership through PayNet's CATALYST accelerator programme enabling Malaysian fintechs to participate in 10-week curriculum at Imperial College London campus. Part of broader fintech hub ecosystem support.
• IDEMIA Secure Transactions (IST)coreTechnology or Integration · 5 May 2026Partnership to enhance Malaysia's digital payment ecosystem through MyDebit network tokenization. Eleven banks rolling out digital payment capabilities using IST's tokenization platform with AES 256 encryption. AmBank became first bank to enable MyDebit cards on mobile wallets for proximity and in-app payments.
• AmBank GroupcoreTechnology or Integration · 15 April 2026AmBank became first bank in Malaysia to support Apple Pay transactions through PayNet's MyDebit network, enabling local debit card payments at most points of sale including groceries, F&B, convenience stores, pharmacies, and petrol kiosks.
• NPCI International (NIPL)coreTechnology or Integration · 12 February 2026Partnership to enable QR-based cross-border merchant payments between India's UPI and Malaysia's DuitNow QR systems. First phase allows Indian travelers in Malaysia to use UPI apps at DuitNow QR acceptance points, with subsequent phase enabling Malaysians to scan UPI QR codes in India. Supports Visit Malaysia 2026 campaign and bilateral trade exceeding RM79 billion.
• NETS (Network for Electronic Transfers Singapore)coreStrategic or Co-development Partner · 11 February 2026Joint venture with PayNet and NETS appointed as Nexus Technical Operator for Project Nexus - ASEAN-wide instant payment interoperability scheme. AWS and Endava supporting technical development with go-live targeted for 2027. Central banks and instant payment operators from India, Malaysia, Philippines, Singapore, and Thailand are founding partners.
• AWS (Amazon Web Services)coreTechnology or Integration · 9 February 2026AWS supporting technical design and development for Project Nexus cross-border instant payments scheme, working alongside PayNet-NETS joint venture as Nexus Technical Operator.
• EndavacoreImplementation/ SI/ Consulting Partner · 9 February 2026Endava supporting technical design and development for Project Nexus cross-border instant payments scheme, working alongside PayNet-NETS joint venture as Nexus Technical Operator.
• Fintech Association of Malaysia (FAOM)coreStrategic or Co-development Partner · 26 May 2025MoU to jointly develop Malaysia's fintech sector and establish PayNet Fintech Hub, providing fintech startups with infrastructure access, regulatory engagement opportunities, and connections to key players in the financial ecosystem.
• UnionPaycoreTechnology or Integration · 27 March 2025QR network connection enabling cross-border payment interoperability between UnionPay and DuitNow systems under government-to-government and network-to-network cooperation models. Supports multi-currency settlement and QR code interoperability for travelers and merchants.
• CelcomDigiminorStrategic or Co-development Partner · 24 March 2025Partnership expanding digital payment ecosystem connectivity and fintech collaborations.
• European Central BankminorStrategic or Co-development Partner · 1 January 2025European Central Bank serving as special observer to Project Nexus ASEAN payment connectivity initiative.
• SURI (Social Enterprise)minorStrategic or Co-development Partner · 1 May 2023PayNet Cambah partnership with SURI social enterprise empowering B40 mothers through craftsmanship programme, training 134 single mothers and achieving 38% revenue increase.
• ASEAN Central Banks (Regional Payment Connectivity Initiative)coreStrategic or Co-development Partner · 1 November 2022Multilateral digital payment network established by ASEAN central banks enabling direct cross-border settlements in local currencies via interoperable QR code systems. Project Nexus jointly awarded to PayNet and NETS as network technical operator. Includes Indonesia, Malaysia, Singapore, Thailand, Philippines, Vietnam, Brunei, Laos, and Cambodia.
• Jabatan Standard Malaysia (Department of Standards Malaysia)coreStrategic or Co-development Partner · 1 January 2015ISO 17025:2017 accreditation for PayNet's test laboratory under SAMM (Malaysia Lab Accreditation Scheme), enabling ILAC-MRA mark for international test laboratory recognition.
• MicrosoftminorStrategic or Co-development PartnerPartnership powering PayNet Akar programme for AI skills development, offering students cloud computing certifications and internship opportunities in FinTech.
• AWSminorStrategic or Co-development PartnerAWS re/Start partnership powering PayNet Akar programme for cloud computing certifications, providing students with hands-on experience and industry access to launch careers in digital world.
• Academic Partners (APU, MMU)minorStrategic or Co-development PartnerAcademic institutions partnering with PayNet Akar for implementation of technology graduate programmes in AI, cloud computing, and digital payments.
• Social Enterprises (White Space Resources, Johor Entrepreneurship Lab)minorStrategic or Co-development PartnerPartnership with social enterprises for PayNet Cambah MSME empowerment programme, providing business training and digitalization support for B40 entrepreneurs.
• AKPK (Agensi Kaunseling dan Pengurusan Kredit)minorStrategic or Co-development PartnerFinancial literacy and debt management partner for Johor Entrepreneurship Lab under PayNet Cambah, supporting B40 food entrepreneurs with business fundamentals training.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Bakong (National Bank of Cambodia): Bakong is Cambodia's national payment system and one of PayNet's cross-border QR linkage partners. It operates an analogous national payment infrastructure with QR-based interoperability, comparable in model though smaller in scale.
• National Payment Corporation of Vietnam (NAPAS): NAPAS operates Vietnam's national card and payment switch infrastructure, including the Napas 24/7 fast fund transfer service. Comparable in mandate to PayNet as the country-level payments switching and processing operator.
• Bank of Thailand (PromptPay): Bank Thailand's PromptPay is Thailand's national real-time payment system and one of the original ASEAN cross-border QR partners with PayNet. It serves the same function for Thailand that PayNet serves for Malaysia.
• BIRN (Bank Indonesia Real-time Payment) - part of BI: BI-FAST is Indonesia's national instant payment rail operated by Bank Indonesia, comparable to DuitNow. It shares the same B2B2C national infrastructure model and cross-border QR interoperability profile as PayNet.
• Bank Indonesia (BI-FAST / QRIS): Bank Indonesia operates BI-FAST instant payments and QRIS, Indonesia's national QR standard, which PayNet is directly interconnected with via cross-border QR. Both serve as the central-bank-mandated real-time payment infrastructure for their respective national markets.
• NETS (Network for Electronic Transfers Singapore): Singapore's national payment network operator running PayNow and the shared EFTPOS infrastructure. NETS is PayNet's direct counterpart in Singapore and joint venture partner in Project Nexus, operating an almost identical national payment network model for a different country.
• National Payments Corporation of India (NPCI): NPCI operates India's UPI and RuPay national payment rails, and is the direct counterparty to PayNet in the UPI-DuitNow QR cross-border linkage. NPCI is the most comparable national payment infrastructure operator in the region by scale, running India's unified payments interface.

Broad incumbents

• Visa Direct: Visa's real-time push payments platform competes with PayNet's DuitNow Transfer and cross-border QR in the Malaysian market. It is a broader global incumbent with overlapping capabilities rather than a national infrastructure specialist.
• UnionPay International: UnionPay operates the world's largest card payment network and is a cross-border QR partner of PayNet. It is a broader incumbent with global reach whose card and QR rails overlap with PayNet's MyDebit and DuitNow offerings in the Malaysian market.

Emerging players

• Ant International (Alipay+): Ant International's Alipay+ platform is a partner and partial competitor to PayNet's cross-border QR initiative, enabling cross-border merchant payments across Asian e-wallets. The companies are listed as partners but their cross-border QR aggregation roles overlap strategically.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/malaysian-electronic-clearing-corporation-sdn-bhd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PayNet