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The Malaysian Electronic Payment System (MEPS) is an interbank network service provider in Malaysia. In August 2017, MEPS merged with Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) to form Payments Network Malaysia Sdn Bhd (PayNet) .
Payments Network Malaysia Sdn Bhd (PayNet) is the national payments network and shared central infrastructure for Malaysia’s financial markets. It was formed from the merger between the Malaysian Electronic Payment System (MEPS) and Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) on 1 August 2017. [ 1 ]
Also, under the Malaysian Electronic Payment System (MEPS), users can withdraw cash from participating banks for a fee of RM 1 per withdraw. [19] Users can also transfer their fund to another bank via IBFT (Instant Bank Fund Transfer) at a fee of RM 0.30 to RM 0.50 or via IBG (inter-bank giro) at RM 0.10 . [20]
Malaysia is the global leader in terms of the sukuk (Islamic bond) market, issuing RM62 billion (US$17.74 billion) [4] worth of sukuk in 2014 - over 66.7% [5] of the global total of US$26.6 billion [2] [6] Malaysia also accounts for around two-thirds of the global outstanding sukuk market, controlling $178 billion of $290 billion, the global total.
NETS provides local and regional ATM switching services for banks. [39] NETS partnered with Malaysian Electronic Payment System (MEPS) in Malaysia to enable bilateral cross-border ATM withdrawal services, and UnionPay in China to enable its cardholders to make purchases and withdraw cash from ATMs in Singapore.
As at 2014, Citibank Debit, ATM and Credit cardholders can use their cards at over 11,000 MEPS shared ATMs in Malaysia covering 2000 locations nationwide, [15] in addition to over 1.2 million Citi and Visa Plus ATMs in over 100 countries. [15] Currently, 201 financial institutions, including Citi, are part of the MEPS network.
EPS entails the simple use of an ATM card or a credit card with ATM capability issued by a member bank of the EPS, acting as a debit card. No application for the service is required. The EPS device is a dual-unit device consisting of a removable card processor and a stationary base that serves as a charger and data link.
ATM Bersama provides many interbank facilities, including balance inquiry, cash withdrawal and real time-online transfer to other accounts of members of the shared network. In 2004, ARTAJASA made a cross-border ATM Bersama with partner provider MEPS, Malaysia. Singapore and Thailand have been linked to the ATM Bersama network with NETS and ITMX ...