Malaysia's central bank has officially announced a policy to unify QR-based payment networks across the country. This step was taken to create an interoperable ecosystem, a model that Indonesia previously successfully implemented through QRIS since 2019.
Based on the Interoperable Fund Transfer Framework policy document, Malaysian financial authorities require all proprietary QR networks owned by service providers to cease operations by June 30, 2028, at the latest. During the transition period, banks are prohibited from adding new merchants to the closed networks they manage.
This policy allows consumers to transact using any banking application or digital wallet connected to a shared infrastructure. Eventually, all banks and financial institutions will be required to integrate with a single platform, namely the Real-time Retail Payments Platform managed by Payments Network Malaysia Sdn Bhd (PayNet).
The implementation of this single system is expected to eliminate confusion caused by multiple different QR codes at a single transaction point, reflecting the effectiveness seen in Indonesia. As of mid-2026, QRIS is recorded to have been used by more than 30 million merchants and 45 million active users, expanding its reach through cross-border partnerships with Singapore, Thailand, and Malaysia.
The Malaysian government is taking this step in response to the growing trend of electronic transactions in the country. With an average of 1.5 digital transactions per capita per day, the standardization of payment infrastructure is considered a crucial pillar to support a more efficient and inclusive digital economic growth for all citizens.
