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.