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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]
Payment Multi-Purpose Card Specification (PMPC) – A proprietary ATM and Debit chip-card standard which was developed by MEPS. MEPS is the central coordinating body for the national implementation of the PMPC and is responsible for developing the PMPC chip card specification, technical standards, technical integration, support and coordination.
An extension of Touch 'n Go is the SmartTAG or TAG onboard unit, which allows users to insert the card into a reader device installed in the vehicle for fully automatic/non-stop payment at toll plazas. Payment is made automatically as the toll charge is deducted from the value stored in the Touch 'n Go card.
Touch 'n Go eWallet was one of the three e-wallet services in Malaysia (the other being Boost and GrabPay) that was eligible for its users to receive an RM30 stimulus plan as part of the E-Tunai Rakyat program under the Budget 2020 plan, which encourages the adoption of cashless and mobile payment in Malaysia. [29]
The following is a list of notable online payment service providers and payment ... Australia, Canada, Europe, Hong Kong, Malaysia, New Zealand, Singapore, United ...
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QR code payment is becoming increasingly popular recently in Malaysia as a convenient and secure way to pay for transportation services. KTM ETS and KTM Komuter Northern Sector , as well as KLIA Ekspres and Penang Ferry Service , are all offering QR code payments to their passengers.
Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times of one to three business days that had been in place until the mid-2010s.