PayNet
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.
- Company typePrivate
- Founded2008
- HeadquartersKuala Lumpur, Malaysia
- Headcount251–500
- GTM typeB2B
- OfferingServices
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.
PayNet firmographics
Firmographics- 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
PayNet industry classification
Industry- 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
Where PayNet is headquartered
LocationHeadquarters
- HQ city
- Kuala Lumpur
- HQ country
- Malaysia
- HQ region
- Asia
Offices1 record
Markets served
PayNet business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others
Revenue model
- 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
- Banking and Financial Institution Services: Services to banks and financial institutions including shared ATM network, certification services, and participation in the national payment infrastructure
- 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
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Business payment solutions including DuitNow QR, MyDebit, FPX, JomPAY, Interbank GIRO, and DirectDebit for merchants and enterprises |
| Transaction based/ take rate | Pay-as-you-go | National digital payment infrastructure access for banks and financial institutions |
Go-to-market motion1 record
Distribution channels9 records
Marketing channels7 records
PayNet product offering
Product offeringCore 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
Companies that use PayNet
Customer profileNamed customers8 records
Segments5 records
Ideal customer profiles4 records
PayNet technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature8 records
PayNet partnerships and signals
Strategic signalPartnerships
20 partnerships are on record, tiered core and minor.
- Bank Negara MalaysiacoreBank 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 LondonminorPartnership 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)corePartnership 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 GroupcoreAmBank 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)corePartnership 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)coreJoint 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)coreAWS supporting technical design and development for Project Nexus cross-border instant payments scheme, working alongside PayNet-NETS joint venture as Nexus Technical Operator.
- EndavacoreEndava 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)coreMoU 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.
- UnionPaycoreQR 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.
- CelcomDigiminorPartnership expanding digital payment ecosystem connectivity and fintech collaborations.
- European Central BankminorEuropean Central Bank serving as special observer to Project Nexus ASEAN payment connectivity initiative.
- SURI (Social Enterprise)minorPayNet 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)coreMultilateral 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)coreISO 17025:2017 accreditation for PayNet's test laboratory under SAMM (Malaysia Lab Accreditation Scheme), enabling ILAC-MRA mark for international test laboratory recognition.
- MicrosoftminorPartnership powering PayNet Akar programme for AI skills development, offering students cloud computing certifications and internship opportunities in FinTech.
- AWSminorAWS 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)minorAcademic 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)minorPartnership with social enterprises for PayNet Cambah MSME empowerment programme, providing business training and digitalization support for B40 entrepreneurs.
- AKPK (Agensi Kaunseling dan Pengurusan Kredit)minorFinancial 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
PayNet competitors and assessment
Company assessmentDirect 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
PayNet social profiles
Digital presencePayNet compliance and trust
Trust signalCompliance2 records
PayNet financial estimates
Financial estimateRevenue estimate
Valuation estimate
PayNet leadership team
Management profileNumber of profiles
Profiles2 records
PayNet subsidiaries and ownership
Company hierarchySubsidiaries1 record
PayNet funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PayNet M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PayNet
What does PayNet do?
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.
Is PayNet a public or private company?
PayNet is a private company. It is classified as unknown and is currently operating.
When was PayNet founded?
PayNet was founded in 2008. It employs 251 to 500 people.
Where is PayNet based?
PayNet is headquartered in Kuala Lumpur, Malaysia, in the Asia region.
How does PayNet make money?
Three revenue lines are on record. Transaction Processing Fees are the primary driver. The others are banking and Financial Institution Services and cross-Border Payment Services.
Who are PayNet's main competitors?
Direct peers on record are Bakong (National Bank of Cambodia), National Payment Corporation of Vietnam (NAPAS), Bank of Thailand (PromptPay), BIRN (Bank Indonesia Real-time Payment) - part of BI, Bank Indonesia (BI-FAST / QRIS), NETS (Network for Electronic Transfers Singapore) and National Payments Corporation of India (NPCI). Broad incumbents are Visa Direct and UnionPay International. Ant International (Alipay+) is listed as an emerging player.
Does PayNet have an API?
No public API is recorded for PayNet.
What industry is PayNet in?
PayNet's product category is Payment Network Infrastructure. Its primary akta.pro industry code is THALAHAH, Alternative Payments & Digital Wallet Acceptance (A2A, RTP, wallets), with a secondary code of THALAHAB, Card Issuing & Virtual Cards (lodge cards, single-use, tokenization). Its NAICS code is 522320.