One of Southeast Asia’s dynamic economies, Malaysia’s government has long recognized that modern financial infrastructure is key to achieving economic growth and financial inclusion. Implemented by PayNet, Malaysia’s Real-time Retail Payments Platform (RPP) and consumer facing DuitNow real-time transfer service are leading the country’s real-time transformation.
A concerted effort by the government, central bank, national switch and industry has harmonized the nation’s payment structure. The collaboration has helped ensure a seamless experience for all stakeholders, opening the ecosystem to fintechs and vertical businesses, paving the way for Malaysia’s diverse use cases. As its national payments network and central infrastructure for Malaysia’s financial markets, Payments Network Malaysia (PayNet), continues to consolidate and unify services, Malaysia is leading the way in driving real-time payments expansion and enabling instant cross-border payments.
By unifying different payment rails under one national regulatory standard and network and making payments between them interoperable, RPP has rendered real-time payments a daily reality.
Malaysia
Real-time transactions
2023 Real-time share of electronic payments
21%
2028f
4.1B
2023-2028 CAGR
16.9%
Scheme messaging
ISO 20022
Real-time payment schemes
IBFT
2006
DuitNow
2018
Extending participation beyond fintechs and wallet providers
From the outset, PayNet rallied banks to join the national real-time payments scheme and migrate to ISO 20022. In collaboration with ACI Worldwide as their strategic solution provider, Malaysia’s 36 banks were onboarded in just nine months. This short timeframe accelerated time to revenue — a critical factor for banks and collaborators.
Today, industries such as insurance, billers and governments can link directly to the PayNet real-time scheme to better service merchants and consumers. This inclusive approach generates additional revenue opportunities for banks and fosters greater financial inclusion.
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