Bank Negara Malaysia (BNM) has set a 30 June 2028 deadline to phase out fragmented proprietary QR payment networks.
The move falls under BNM’s new interoperable fund transfer framework, which is designed to keep Malaysia’s payment systems connected as digital transfers and QR payments become more widely used.
Issued on 30 June 2026, the framework applies to banks, Islamic banks, development financial institutions, e-money issuers, payment system operators and merchant acquirers.
What Changes for QR Payments in Malaysia
Banks and eligible e-money issuers that use shared payment infrastructure must support interoperable QR payments.
This will allow consumers to pay merchants across participating financial institutions instead of being limited to separate networks.
Merchant acquirers must also allow merchants to accept payments from customers of any financial institution participating in the same shared infrastructure.
Existing proprietary QR code scheme networks must be fully phased out by 30 June 2028.
During the transition period, affected financial institutions must stop onboarding new merchants under these proprietary QR schemes.
Cross-Border Payment Links
The framework also covers account-to-account transfers and cross-border payment services.
Requirements for cross-border account-to-account and QR payments will follow the launch timeline of the Nexus scheme, which BNM will announce later.
The framework is intended to promote fair and open access to shared payment infrastructure while maintaining the safety and reliability of fund transfer services.
Financial institutions must offer eligible domestic fund transfers of up to RM5,000 for free to financial consumers when the transfer is funded through a current account, savings account or e-money account.
The policy also sets consumer protection requirements, including online transaction limit controls, instant transaction notifications, real-time balance checks, clear pricing disclosures, data protection and safety alerts.
The new interoperable fund transfer framework replaces the Interoperable Credit Transfer Framework issued in December 2019.
Featured image: Edited by Fintech News Malaysia, based on image by besphotographer via Magnific
