# Malaysia — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/MY
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## 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](https://docs.barcoder.ai/docs/payments/MY/duitnow-qr) | Unified QR | EMVCo | 870M txns | [`duitnow-qr`](https://docs.barcoder.ai/docs/standards/duitnow-qr) |
| [MyDebit](https://docs.barcoder.ai/docs/payments/MY/mydebit) | Debit Card | National | Widespread | — |
| [FPX](https://docs.barcoder.ai/docs/payments/MY/fpx) | Online | Bank transfer | Active | — |

## Sources

- [DuitNow QR Official](https://www.duitnow.my/QR/index.html)
- [PayNet About](https://paynet.my/about-paynet.html)
- [FintechNews MY - DuitNow QR Redesign](https://fintechnews.my/55593/payments-remittance-malaysia/duitnow-qr-redesign/)
- [Standard Chartered - DuitNow QR](https://www.sc.com/my/bank-with-us/scan-and-pay/)
- [TNGlobal - E-payments 2024](https://technode.global/2025/03/24/malaysias-e-payments-transactions-continue-to-rise-in-2024/)
- [Maybank - Cross-Border QR](https://www.maybank.com/en/news/2025/04/15.page)
- [RinggitPlus - DuitNow QR](https://ringgitplus.com/en/blog/banking/paynet-s-duitnow-qr-coming-soon-as-a-universal-qr-standard-for-payments.html)
- [HitPay - DuitNow Integration 2025](https://hitpayapp.com/blog/how-to-integrate-duitnow-qr-into-your-retail-pos-(step-by-step-hitpay-implementation-for-2025))
- [The Edge Malaysia - PayNet](https://theedgemalaysia.com/content/advertise/transforming-payments-paynet_s-role-in-shaping-malaysia_s-digital-future)
- [KRI - Malaysia Digital Payments](https://www.krinstitute.org/publications/bridging-borders-i-malaysias-digital-payments-growth)

## Full country report

[MY-malaysia.md](https://docs.barcoder.ai/docs/payments/MY)