A progressive step has once again been taken by Malaysia's financial authorities to strengthen their digital transaction ecosystem. Through the latest policy from the Central Bank of Malaysia, the neighboring country officially mandates the phased elimination of proprietary closed QR payment networks owned by individual service providers. This policy requires all financial institutions to transition to an integrated and interoperable QR payment system by June 30, 2028, at the latest.
This decision adopts a model similar to the Quick Response Code Indonesian Standard (QRIS), which has been successfully implemented in Indonesia since 2019. Under this system, the public is no longer restricted to using specific banking applications or digital wallets, as a single QR code can be processed by various participating platforms. In Malaysia, this integrated system is known through the Real-time Retail Payments Platform operated by PayNet.
The Central Bank of Malaysia stated that this initiative was taken in response to a massive trend of increasing electronic transactions among the public. Data shows that Malaysians now average 1.5 digital transactions per day. The integration of this system is believed to not only enhance domestic economic efficiency but also provide convenience for international tourists when making payment transactions during their visits.
Indonesia itself is recorded as a pioneer in implementing unified QR payment systems in the region. As of mid-2026, QRIS has reached more than 30 million merchants and 45 million active users. The success of this innovation has even extended beyond national borders, with cross-border payment collaborations established with Singapore, Thailand, and now expanding to China.
