e-Payment Sevices

MEPS is the purveyor of e-payment services in the country. In addition from being responsible for the migration of magnetic stripe ATM cards to chip-based ones for the Malaysian financial industry, MEPS is also instrumental in introducing various e-payment services:

e-Debit
.

MEPS Interbank GIRO
.

MEPS FPX
.

MEPS Direct Debit
.

After more than a decade steering the development of the e-payment landscape in the country, MEPS will now focus on expanding its Shared ATM Network and strategic partnership with other countries.

Effective 16 September 2011, MEPS has diversed its e-Payment services, i.e. MEPS IBG, MEPS FPX, MEPS Direct Debit and e-Debit to Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear), a wholly owned subsidiary of Bank Negara Malaysia.

By embarking on this strategic divestment, MEPS will be able to sharpen its focus on expanding its Shared ATM Network and form strategic partnerships with countries that boasts of high-traffic cross-border inbound and outbound travelers, in particular, Asian nations and members of The Cooperation Council for the Arab States of the Gulf (GCC).

The scope of the existing ATM partnerships will also be expanded to introduce point-of-sale and more advanced e-Payment services. MEPS supports the Economic Transformation Programme which aims to expand merchant acceptance of e-payment services and to create a cheque-less nation by 2020. These initiatives are in line with the Government’s long term plan to create an integrated payment ecosystem*.

*Integrated Payment Ecosystem is a national payment landscape where all payments are cashless and are transacted through one united e-Payment system.

For more information on this divestment, click here.