Paynet

Payment Network Malaysia Sdn Bhd (“PayNet”) is an approved payment system operator
under the FSA and owns several payment networks in Malaysia. BNM is the largest
shareholder of PayNet, along with 11 other Malaysian banks as joint shareholders.
 
The types of retail payment systems managed by PayNet include
Interbank GIRO (IBG)
MyDebit
FPX Financial Process Exchange
RPP Real Time Retail Payment Platform
Jompay (National Electronoc BIll Payment Scheme)

 
IBG
IBG is a fund transfer system which has been implemented since 2000 and allows
account-to-account credit transfers. IBG transactions can be performed via ATM
machines, internet banking or even over-the-counter. It is the conventional method
consumers use to transfer monies from one bank account to another. However,
settlement only occurs during specified windows in a working day.
 
MyDebit
MyDebit is a local payment system which utilises the MyDebit card, or more commonly
known as an ATM card, to make payments at the point-of-sale (“POS”) terminal.
 
A consumer will be required to present their ATM card and key in the personal
identification number (PIN) or tap card at POS for less than 250 transaction
 
The amount will be deducted from that consumer’s CASA and deposited directly into the
retailer or merchant’s bank account.
 
FPX
 
FPX is a payment system which facilitates internet payments and e-commerce purchases
using a consumer’s bank account. It allows for real-time debiting of a consumer’s internet
banking account at multiple banks while allowing immediate and direct crediting into the
merchant’s bank account4.
 
One of the benefits is that a consumer does not need to be registered to use FPX but he
will be required to have a bank account with any of the participating banks.
 
As FPX leverages on the participating banks’ internet banking system, its availability will
depend on each participating bank’s internet banking service availability.
 
For consumers, there are minimum and maximum limits for each transaction 5:
 
fee to be paid by merchant is cheaper than for a credit card (which is approximately 1.8%
to 2 % of the transacted value).
 
RPP
 
RPP was developed in 2018 pursuant to the Interoperable Credit Transfer Framework
(“ICTF”) issued by BNM. ICTF requires all interbank credit transfer transactions and inter-
scheme credit transfer transactions to be processed in Malaysia through an operator of a
shared payment infrastructure6.
 
RPP comprises DuitNow, which uses a national addressing database. DuitNow is a
payment system which enables payments to be made using common identifiers (the “ID”)
such as a recipient’s mobile number, National Registration Identity Card (“NRIC”) number
or business registration number.
 
Payments can also be made under the RPP using a common quick response (“QR”)
code standard, which results in the establishment of an interoperable QR scheme and
common QR code. Through DuitNow QR, consumers may make payments from any
participating banks or electronic wallets and merchants would only need to display one
QR Code, the DuitNow QR, to accept payments. Presently, only GrabPay and Public
Bank are adopting DuitNow QR.
 
Whilst no registration is required to send money using DuitNow, a one-off registration is
required for receipt of money via DuitNow. A one-time registration is needed to link each
consumer’s ID with his bank account or e-money account. Only one ID can only be
registered to one bank account.
 
Consumers may transfer up to RM50,000 per transaction whilst businesses are subject
to a limit of up to RM10 million per transaction 7. Presently, there is no fee chargeable for
a transaction up to RM5,0008. The transfer of monies via DuitNow occurs immediately
and recipients will usually receive money in their bank account or e-money account
instantaneously9.

DuitNow Transfer (Pay to Proxy)

DuitNow | Pre-registration

 
JomPAY
 
JomPAY was launched in 2015 as a national bill payment scheme. It was developed as a
national initiative involving billers, banks, BNM, PayNet and the Government to speed up
e-payments and provide greater efficiency, convenience and accessibility for the public to
make bill payments10.
 
It allows for payment from a bank account to a utility company/supplier (“Biller”) using the
Biller’s Code. JomPAY is available on both internet and mobile banking. A Biller needs to
maintain only one bank account in order to receive payment from customers of other
banks.
 
The process of using JomPAY is relatively simple. A consumer will be required to spot
the JomPAY logo and Biller Code on his utility bills or invoices. Thereafter he can log into
his bank account on the internet or through mobile banking and select JomPay. Then he
has to enter the JomPAY Biller Code and reference number along with other specified
payment details and payment will be made from his current, savings or credit card
account to the relevant JomPAY Biller 11. No fee is chargeable to a consumer for using
JomPAY. 
 
Conclusion
 
The above retail payment systems are all part of BNM’s goal towards accelerating
Malaysia’s migration towards e-payments and to increase the efficiency of the nation’s
payment system, which is in line with BNM’s Financial Sector Blueprint 2011-2020.

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