Payments/MY
Malaysia
ISO MY · 3 schemes
Summary
- DuitNow QR is the national unified QR standard
- 870 million transactions in 2024 (doubled from 2023)
- MYR 31.1 billion transaction value (2024)
- PayNet operates national payment infrastructure
- Cross-border with Singapore, Thailand, Indonesia, China, Cambodia
Banking landscape
Central Bank
- Name: Bank Negara Malaysia (BNM)
- Website: https://www.bnm.gov.my/
- Role: Monetary policy, financial stability, payment oversight
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Maybank | Private | MAE/Maybank2u |
| 2 | CIMB Bank | Private | CIMB Clicks |
| 3 | Public Bank | Private | PBe |
| 4 | RHB Bank | Private | RHB Mobile |
| 5 | Hong Leong Bank | Private | HLB Connect |
PayNet Shareholders (11 Banks + BNM)
- Malayan Banking (Maybank)
- RHB Bank
- Public Bank
- CIMB Bank
- AmBank
- Hong Leong Bank
- Affin Bank
- Alliance Bank
- Bank Islam Malaysia
- Bank Muamalat Malaysia
- Bank Kerjasama Rakyat Malaysia
Market Structure
- BNM: Largest PayNet shareholder
- Maybank: Largest commercial bank
- 40+ institutions: DuitNow participants
- Islamic banking: Strong presence (Bank Islam, Bank Muamalat)
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| DuitNow | PayNet | Real-time transfers | Active |
| DuitNow QR | PayNet | Unified QR | Active |
| FPX | PayNet | Online payments | Active |
| MyDebit | PayNet | National debit | Active |
| JomPAY | PayNet | Bill payments | Active |
PayNet Statistics (2024)
- 4.4 billion digital transactions facilitated
- 370,000+ small businesses enabled
- DuitNow Transfer, MyDebit, FPX top contributors
Digital Payment Growth
- 409 e-payment transactions per capita (2024)
- 19% growth from 343 in 2023
- On track for FSB 2022-2026 targets
- 15%+ CAGR target being achieved
QR code standards
DuitNow QR
| Attribute | Value |
|---|---|
| Operator | PayNet (BNM subsidiary) |
| Framework | Interoperable Credit Transfer (ICTF) |
| Participants | 40+ banks and e-wallets |
| 2024 Volume | 870 million transactions |
| 2024 Value | MYR 31.1 billion |
DuitNow QR Features
- Single QR code for all payment apps
- Bank and e-wallet interoperability
- Static and dynamic QR codes
- Cross-border acceptance
2024-2025 Growth
| Metric | 2023 | 2024 | Growth |
|---|---|---|---|
| Transactions | 360M | 870M | +142% |
| Value | MYR 14.6B | MYR 31.1B | +113% |
2025 Developments
- New standardized DuitNow QR standee design (October 2025)
- RHB Bank, Bank Islam, MBSB Bank, Agrobank early adopters
- Enhanced cross-border connectivity
Transaction Limits
| User Type | Limit |
|---|---|
| Consumer | MYR 50,000/transaction |
| Business | MYR 10,000,000/transaction |
Mobile payment apps
| App | Provider | DuitNow | Cross-border |
|---|---|---|---|
| Maybank MAE | Maybank | Yes | Yes |
| Touch 'n Go | TNG | Yes | Yes |
| GrabPay MY | Grab | Yes | Yes |
| Boost | Boost | Yes | Yes |
| ShopeePay | Shopee | Yes | Yes |
Bank Mobile Apps
- Maybank2u/MAE
- CIMB Clicks
- RHB Mobile Banking
- Public Bank PBe
- Hong Leong Connect
Maybank Leadership
- 83% growth in QR payment value (2024)
- Cross-border QR pioneer
- Cambodia connectivity (September 2024)
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| DuitNow QR | Unified QR | EMVCo | 870M txns | duitnow-qr |
| MyDebit | Debit Card | National | Widespread | — |
| FPX | Online | Bank transfer | Active | — |
Sources
- DuitNow QR Official
- PayNet About
- FintechNews MY - DuitNow QR Redesign
- Standard Chartered - DuitNow QR
- TNGlobal - E-payments 2024
- Maybank - Cross-Border QR
- RinggitPlus - DuitNow QR
- HitPay - DuitNow Integration 2025
- The Edge Malaysia - PayNet
- KRI - Malaysia Digital Payments
Full country report
Schemes
Standards
Primary · 1