Asia Pacific

Though it is less than two years old, Malaysia’s IP network already boasts a robust infrastructure, supporting banks, P2P and merchant payments, and is on track for aggressive future growth.

Malaysia’s network, DuitNow, is a solution launched by the national payments network and central infrastructure provider, Payments Network Malaysia (PayNet), in collaboration with ACI Worldwide in 2018. The network enables users to send money instantly, 24/7/365, without registration — although users must register in order to receive payments. Registration simply requires linking an ID to the user’s bank or eMoney account. Transfers can be made using a recipient’s mobile phone number or ID number, such as their NRIC or a business registration number. Since July 2019, users are also able to make in-store payments with DuitNow QR, made available by participating banks and eWallets.

The maximum limit per transaction is MYR50,000 ($12,097) for consumers and MYR10m ($2.4M) for businesses. There are no fees when sending or receiving payments of up to MYR5,000 ($1,210), and a minimal fee of MYR0.50 ($0.12) for transactions exceeding this limit.



  • Consumers
  • Banks
  • Merchants
  • Billers



Population banking level


Number of debit, credit and charge cards per adult


Index to global average


Fully banked

Key statistics


IP launch year

Immediate payments types

Single instance, future dated, recurring

Initiation & authorization

Mobile number, QR code, NRIC number, business number

ISO 20022

Message standard









% of adults who have a mobile wallet and have used it in the past year

Share of volumes by payments instrument



Spend (USD)

  • Paper-based payments
  • Electronic payments
  • Immediate payments

Immediate payments volume and its share in overall NON-PAPER-BASED transactions, 2019-24f

% of total electronic payments transaction volume


Though a relative newcomer to IP, Malaysia’s scheme is set up for success thanks to several factors. One key metric is the diversity of segments already accepting IP. Additionally, mobile wallet adoption is booming, rising from 16.2% to 56.5% in the last five years. With IP integration into mobile wallets, the payment is likely to see accelerated adoption.

Consequently, growth is forecast to continue exponentially for at least the next half decade, if not longer. Companies should be developing IP functionality if they haven’t already, as acceptance will become table stakes in the next few years. Consumers will begin to expect IP acceptance as the continued success of mobile wallets and QR codes make IP highly integrated into the payments ecosystem.

ACI’s take

The centrally-driven mandate approach to making all banks ISO 20022-compliant on a unified connector/gateway was instrumental in driving up transaction volumes from day one. This accelerated time to revenue compared to other payment schemes, which have experienced a longer time to “ramp up,” was made possible through collaboration with ACI on the right solution to quickly onboard the participants.

Now phase two is underway. Aside from further expansion of QR code payments, Malaysia will soon embrace a new secure messaging service in the form of Request-to-Pay, which will overlay their existing payments infrastructure to provide control, flexibility and transparency of bill payments.

Malaysia is also in the process of adding a consent management platform for debits, credit transfer capabilities, eKYC digital ID compatibility and real-time debit capabilities, as well as cross-border payments with ASEAN IP schemes such as PromptPay and NETS, while enabling accessibility to all of the above through APIs. There is still plenty of growth yet to materialize in Malaysia.


Evolutions in Payments Issuing

Remain front of wallet with this new eBook, showcasing the top three ways issuers can meet consumers’ expectations by leveraging real-time capabilities.

Download PDF

Achieving Digital Differentiation

Explore how a strong payments risk management strategy can enable financial institutions to protect profitability while creating winning payment experiences and growth.

Download PDF

The P27 Opportunity

As the Nordics continue to set the standard for the future of digital payments, what can the rest of the world learn about successful cross-border payment initiatives?

Download PDF

Building the Foundations of a Real-Time World

Hoping to drive IP growth in your nation? Discover how governments and central banks around the globe have successfully built the foundations for real-time success.

Download PDF

Real-Time Payments Modernization

From real-time payments to enhanced data, payments modernization has many benefits. But before they can be enjoyed, the challenges of modernization must be overcome.

Download PDF

The U.S. Real-Time Opportunity

The time for real-time payments in the U.S. has arrived. Understand how financial institutions across the payments ecosystem can truly capitalize on the opportunity now.

Download PDF

The New Era for Acquiring

Acquirers operate in a complex and challenging landscape. To thrive throughout the next decade, they must have the right capabilities in place — as we reveal inside.

Download PDF