Banks jump into cashless payments with PayNet’s real-time platform

The Malaysian banking sector has hopped onboard the cashless bandwagon with Payments Network Malaysia Sdn Bhd’s (PayNet) implementation of the real-time Retail Payments Platform, setting in place the foundation to accelerate the growth of cashless payments in the country.

PayNet — which has Bank Negara Malaysia (BNM) as its largest shareholder and other major banks in Malaysia as joint shareholders — is pushing on with the implementation of interoperable quick response (QR) code initiative, which will allow participating e-wallet services to use a single QR standard for payments for goods and services.