Based on the signs we’ve seen, QR-based cashless payments could likely be a new norm in Malaysia starting from 2018 onwards. But with so many banks and companies working on their own QR payment solution, there is a need to have certain factors that able to link them together. So, this is where the QR code standard by PayNet Malaysia comes into the picture.
For those who not familiar with PayNet, it is the entity that responsible for the central infrastructure that are being used by the financial markets in Malaysia as well as one of the country’s main payment network, MEPS. PayNet itself is mainly owned by Bank Negara Malaysia together with eleven local banks as its joint shareholders.
Hence, it is not surprising that PayNet’s QR standard will be used by all banks and payment providers in our market to help provide a unified experience to all users. Maybank is one of the earliest banks that already adopted the standard which it has subsequently implemented it for the newly launched Maybank QRPay.
While it is not clear whether the QR standard is part of the Interoperable Credit Transfer Framework that was announced by Bank Negara Malaysia earlier this year, having a common standard that everyone can work on is definitely the way to go. Else, the market will be saturated with too many different solutions that might stop users from embracing the QR-based cashless payment system.