Malaysia Payment Landscape
Malaysia Payment Landscape
Malaysia has a well-established digital payment infrastructure, driven by Bank Negara Malaysia (BNM). At its core, Real-time payment network DuitNow, operated by Payments Network Malaysia (PayNet).The exchange of cross-border QR codes promoted by BNM and the Monetary Authority of Singapore (MAS) has made Malaysia a key node in the interconnection of digital payments in Southeast Asia. Understanding the payment landscape in Malaysia helps to understand PayCools' local payment offerings and capabilities.
Regulatory & Payment Structure
| Body | Responsibilities |
|---|---|
| BNM (Bank Negara Malaysia) | Regulation of payment landscapes to drive PayNet and FinTech transformation |
| PayNet(Payments Network Malaysia) | National payment network operator, operating DuitNow, FPX, IBG, Rentas and other systems |
| RENTAS | Central bank real-time full amount settlement system, interbank large amount settlement |
DuitNow Real-Time Payments
DuitNow is driven by BNM National real-time payment network, operated by PayNet, is at the heart of digital payments in Malaysia.
- Arrival time: Real-time (seconds)
- Maximum amount: DuitNow QR Up to approximately 5,000 MYR per transaction, variable channel/individual limits
- Operating Hours: 7 × 24 hours
- Participating Institutions: Covers all major banks and e-wallets in Malaysia
DuitNow payment method
DuitNow QR
Uniform QR code payment based on EMV standard, similar to QRPH in the Philippines.
- Common across banks, wallets
- Users pay with any banking app or wallet scan code
- Merchants only need to show one DuitNow QR code
- Cross-border connectivity: Interworks with PromptPay Thailand, QRPH Philippines, PayNow Singapore, QRIS Indonesia
DuitNow Transfer
Transfer money in real time with DuitNow ID, no need to provide a bank account number.
- DuitNow ID: Phone number, NRIC number, passport number, business registration number, military/police number can be used as payout identification
- Cross-bank Instant Arrival
DuitNow DuitNow Request
The payee initiates a payment request to the payer, and the payer confirms the payment in the app to complete the payment.
Online Banking Direct: FPX
FPX (Financial Process Exchange) is mainstream in Malaysia Online Bank Transfer Payment Gateway, operated by PayNet. After selecting FPX on the merchant website, the user will be redirected to online banking to complete the payment.
- B2C FPX: Online Banking for Consumers, Covering Mainstream Banks
- B2B FPX: For large intercompany payments
- Features: Real-time confirmation is one of the important ways for e-commerce online payouts
eWallet
Major e-wallets in Malaysia:
- Touch 'n Go eWallet(TNG eWallet): The largest market share, covering transportation, retail, dining, parking and other scenarios, and deep interoperability with DuitNow
- GrabPay: Wallets under the Southeast Asian travel platform, with a broad user base
- Boost: Local e-wallet, covering everyday consumption scenarios
- ShopeePay: Built-in wallet for e-commerce platform, also supports DuitNow QR
- MAE by Maybank2U: Maybank's digital wallet/mobile banking with DuitNow support
Card payment
- Visa / Mastercard: Online and offline payments by international card organizations with 3D Secure (3DS 2.x) verification
- Debit Card: Local debit card (MyDebit) can be used directly for online payments
- MPGS: Mastercard Payment Gateway Services, used by some merchants
Payment clearing system
| System | Description |
|---|---|
| RENTAS | Central bank real-time full amount settlement system, interbank large amount settlement |
| IBG(Interbank GIRO) | Electronic transfer between banks, batch transfer, T +1 arrival |
| FPX | Online bank transfer payment gateway, users pay in real time through online banking |
| DuitNow | Real-time retail payment, 7 × 24 hours |
PayCools Competency Mapping in Malaysia
| Ability | Description |
|---|---|
| Acquisition | Support DuitNow QR dynamic/static QR code collection, cashier and pure API mode, FPX online banking direct connection |
| Payout | Supports payouts to local bank accounts and wallets such as TNG / Boost / ShopeePay; DuitNow Transfer arrives in real time |
| Split/Refund/Reversal | Supports split payments and original-route refunds; void is not currently supported, so use refunds instead |