Real-time Retail Payments Platform (RPP) is a strategic initiative to modernise Malaysia’s retail payments, facilitate and drive innovation in e-Payments, and augment our participating institutions’ ability to compete and remain at the forefront of customer relationships.

RPP will deliver a quantum leap in e-Payment value proposition to drive e-Payment adoption and create the next wave of growth. We envision that RPP will make e-Payments fast, frictionless and convenient to meet demands for immediacy in an online, interconnected world.

During 2017, we will build of the Core RPP infrastructure and initial Payment Services with a pilot launch in early 2018. The initial services will be Instant Credits and Request-to-Pay for mobile commerce and e-commerce During 2017, we will get the system ready for P2P Payments with Proxy Address Resolution (for activation in 2018). PayNet will work closely with the industry, to determine the best approach to quickly populate the National Addressing Database so that payments can be addressed seamlessly without the banking information of the recipient.

Customers of financial institutions connected to the New Payments Platform will be able to make or receive payments in a matter of seconds. The platform also supports the flow of information with these payments, carrying extended data to describe a payment or allow the attachment of documents like invoices and receipts. And all of this can happen 24 hours a day, 365 days a year.

RPP also offers consumers (via participating institutions) a simpler way to pay through a Proxy Addressing Service. Once consumers register for the Proxy Addressing Service, they can receive payments via easy-to-remember information such as mobile numbers or NRIC numbers, without the use of banking account information. Consumers will be able to move their Proxy Addressing Service identifier between accounts or financial institutions, empowering customers to route their incoming payments easily.