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. 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 Asian Payment Network (APN).

Role

In brief, MEPS’ role encompasses: MEPS provide the following services through its network to all participating banks:

Member banks

Listed below is the participating banks. However, some participating banks provide only selected few of the services offered by MEPS as mentioned above.

Awards and recognition

MEPS is accredited with the following: