Malaysian Electronic Payment System

rdf:langString Malaysian Electronic Payment System

rdf:langString Payment Network Malaysia

rdf:langString Early

rdf:langString Datuk Ahmad Hizzad bin Baharuddin

rdf:langString Peter Schiesser

rdf:langString MEPS New Logo.png

rdf:langString 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). With the result of the merger, PayNet is now the holding company for the PayNet Group which comprises two main subsidiaries, namely Malaysian Electronic Payment System Sdn Bhd (MEPS) and MEPS Currency Management Sdn Bhd (MCM). The PayNet Group is Malaysia's premier payments network and central infrastructure for financial markets. Bank Negara Malaysia (BNM) is PayNet's single largest shareholder, with eleven Malaysian financial institutions namely, Malayan Banking Berhad, RHB Bank Berhad, Public Bank Berhad, CIMB Bank Berhad, AmBank (M) Berhad, Hong Leong Bank Berhad, Affin Bank Berhad, Alliance Bank Malaysia Berhad, Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad and Bank Kerjasama Rakyat Malaysia Berhad, as joint shareholders. MEPS plays the integral role in the implementation of smart cards for automated teller machine (ATM) cards, which are an upgrade to chip-based cards from previous magnetic-stripe cards issued to all banks' customers. The card is also known as Bankcard, a card with multiple functions. There are three main functions that can be used, namely ATM (with various combinations of banking transactions), e-debit (online purchase payment) transactions at participating merchants and MEPS Cash (a stored-value card that can be used to pay at participating merchants). MEPS is a member of the (APN).