IDEMIA, PayNet launch tokenised debit payments for Malaysian banks

By Aarav Garg

IDEMIA Secure Transactions (IST) has partnered with Payments Network Malaysia (PayNet) to support the expansion of digital payments in Malaysia, as domestic debit cards move further into mobile wallet ecosystems.

The collaboration centres on PayNet’s MyDebit network, Malaysia’s national debit payment scheme, and is designed to help banks enable MyDebit cards for mobile payments. The rollout uses IST’s tokenisation platform alongside PayNet’s domestic payments infrastructure.

“Strengthening Malaysia’s digital payments ecosystem is at the heart of our collaboration with IDEMIA Secure Transactions. Through the MyDebit network, PayNet enables issuing banks to leverage secure card digitisation powered by a leading tokenisation platform, enhancing the payment experience for Malaysians across digital channels,” said Azrul Mainor, Chief Commercial Officer at PayNet.

Eleven banks are participating in the programme, widening access to digital payment capabilities for millions of Malaysian cardholders. AmBank customers have become the first to add MyDebit cards to a leading mobile wallet, enabling secure proximity and in-app payments. Additional banks are expected to follow.

“We are excited that this collaboration complements everyday transactions for Malaysians, fostering wider adoption of digital payments. This project strengthens our mission to enable secure and seamless digital payments worldwide and underscores IST’s leadership in tokenisation and global wallet enablement,” said Isaac Lee, Digital Payments VP for Asia Pacific at IDEMIA Secure Transactions.

The initiative reflects a broader shift across Southeast Asia, where domestic payment networks are seeking to remain competitive as consumers increasingly adopt mobile wallets and contactless transactions. By digitising domestic debit credentials, banks can retain transaction volumes within local schemes while improving customer convenience.

IST’s token platform replaces sensitive card details with a unique digital token used for payments, reducing the risk of fraud and data exposure. The system also supports connections across multiple ecosystem participants, helping issuers scale mobile NFC, e-commerce and in-app payment services more efficiently.

The rollout signals continued investment in Malaysia’s domestic payments infrastructure, as national schemes modernise debit rails to meet rising demand for seamless, secure and mobile-first payment experiences.