Malaysian Electronic Payment System
 |
|
| Industry | Finance |
|---|---|
| Founded | Early 1997 |
| Headquarters | Kuala Lumpur, Malaysia |
|
Key people
|
Datuk Abdul Farid Alias (Chairman) Michael Kumar (Group Managing Director) |
| Products | Financial services |
| Divisions | None |
| Website |
www www |
The Malaysian Electronic Payment System (MEPS) is an interbank network service provider in Malaysia. It is a payment consortium owned equally by 11 local banks and has a subsidiary company named MEPS Currency Management Sdn Bhd (MCM).
MEPS plays the integral role in the implementation of smart cards for automated teller machine (ATM) cards, which are an upgrade to chip-based cards from previous magnetic-stripe cards issued to all banks' customers.
The card is also known as Bankcard, a card with multiple functions. There are three main functions that can be used, namely ATM (with various combinations of banking transactions), e-debit (online purchase payment) transactions at participating merchants and MEPS Cash (a stored-value card that can be used to pay at participating merchants).
MEPS is a member of the Asian Payment Network (APN).
In brief, MEPS’ role encompasses:
MEPS provide the following services through its network to all participating banks:
Listed below is the participating banks. However, some participating banks provide only selected few of the services offered by MEPS as mentioned above.
MEPS is accredited with the following:
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Wikipedia