BNM Is Killing Off Proprietary QR Codes by 2028 — Here’s What Changes for You

Bank Negara Malaysia (BNM) has set a deadline that will quietly reshape how the country pays: by 30 June 2028, proprietary QR payment networks are to be phased out in favour of a single, fully interoperable QR standard. The move sits under BNM’s Interoperable Fund Transfer Framework (IFTF).

Here’s the plain-English version of what’s happening and why it matters.

What is actually being phased out?

Today, most Malaysians already scan DuitNow QR — the national standard operated by PayNet. But some proprietary “closed-loop” QR setups still exist, where a merchant’s QR only works with a specific app or wallet.

BNM’s plan pushes everyone onto one interoperable rail: any participating bank or e-wallet app should be able to pay any merchant’s QR, regardless of which provider that merchant signed up with.

Why is BNM doing this?

The goal is a seamless, provider-agnostic payment experience. No more “sorry, we only accept this wallet here.” One QR, every app. It also:

• Lowers barriers for small merchants (one code, universal acceptance)
• Increases competition between wallets on service, not lock-in
• Strengthens Malaysia’s cashless backbone as volumes explode

For context on scale: PayNet processed 8.44 billion digital payment transactions in 2025, and DuitNow QR volumes more than doubled to around 3 billion in a year.

What changes for shoppers?

Honestly? Mostly good news, mostly invisible. Your favourite app should “just work” at more places. The days of a merchant’s QR rejecting your wallet should end.

What changes for merchants?

If you rely on a closed-loop QR tied to one provider, expect to migrate to the interoperable standard before the 2028 cutoff. The upside: you accept everyone with a single code, and you’re no longer locked to one provider’s fees or terms.

What changes for the e-wallets?

This is the real story. Closed-loop QR was a moat — a way to keep users inside one app. Removing it means Touch ‘n Go, GrabPay, Boost and the rest must compete on rewards, UX and merchant services rather than acceptance lock-in. Expect the loyalty and cashback wars to intensify.

The bottom line

BNM is trading fragmentation for a single, open rail. For consumers and small merchants, it’s simpler and cheaper. For the wallets, the comfortable walls are coming down — and the competition just got real.

New to how Malaysia’s payment system works? Start with our plain-English guides on DuitNow and PayNet & the regulators.

Editor’s note: Regulatory story — figures and the 30 June 2028 deadline should be fact-checked against BNM’s primary IFTF publication before publish.