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. To enhance the efficiency of the payment systems bank negara malaysia has recently reviewed the legal and regulatory framework of the payments system. It is operated by ant financial services group in malaysia. Electronic payments on the rise. As the payment systems continue to evolve bank negara malaysia will continue to facilitate and foster the safety and efficiency of the payment systems to safeguard public interest.

This third party online payment platform was launched in china in 2004 by alibaba group and its founder jack ma. Banking sector for the provision of a payment system that is compatible with the demands of the electronic marketplace. In line with global trends banking business in malaysia too has been undergoing tremendous changes. 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.

This essentially provides cashless payment service for users. It is a prepaid smart card that uses contactless technology. The paynet group is malaysia s premier payments network and central infrastructure for financial markets. The information contained in this card can be read and written via magnetic induction using specific radio frequency and smartcard software.

Touch n go is perhaps the most utilized electronic payment option for tolls in malaysia. The paynet group is malaysia s premier payments. In august 2017 meps has merged with malaysian electronic clearing corporation sdn bhd to form payments network malaysia sdn bhd. 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 is an interbank network service provider in malaysia. 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. There are currently two shared atm networks namely the meps san and house.