Global fintech solutions and payments provider Euronet has become the largest non-bank operator of automated teller machines (ATMs) in Malaysia. This comes as it officially acquires 800 Malaysian Electronic Payment System (MEPS) automated teller machines (ATMs) from Payments Network Malaysia (PayNet).

Following this update, the acquired ATMs will be integrated into Euronet’s existing independent ATM deployer (IAD) network, benefiting from the company’s own Ren Payments platform. Accordingly, a rebranding exercise will be carried out to convert over to Euronet’s brand, to be completed in the next year.

In a joint statement, it was also revealed that the MEPS ATMs have actually been fully transferred to Euronet since 1 April 2024. The acquisition was made as part of Euronet’s ATM Asset Acquisition Programme, which offers full-scale ATM outsourcing services that cover the complete value chain of ATM operations. It also provides banks and operators with strategic pathways to divest their ATM networks.

“The combined ATM terminals of Euronet and MEPS in Malaysia create a credible option for banks in Malaysia to partner with us for a full range of ATM outsourcing services and exploring divestment of their ATM terminals, giving their focus on driving digital payment behaviours leveraging the real-time payment rails available in Malaysia,” said senior vice president and managing director of Euronet (Asia Pacific), Himanshu Pujara, adding that Euronet will continue to ensure secure, reliable 24/7 cash access for customers across Malaysia, both in urban and rural areas.

Pujara also said that this development is an opportunity for digital banks and fintechs to partner with Euronet as a cash-in and cash-out infrastructure to supplement their digital-only offerings.  

Meanwhile, the group chief executive officer of PayNet, Farhan Ahmad said that this acquisition came about because PayNet needed a partner that could effectively manage the ATMs as the company shifts its resources to focus on building innovative digital payment initiatives. “We are glad that Euronet shares our vision of customer centricity, inclusion, and innovation. We look forward to supporting them in launching new products and services,” he further commented.

For context, the MEPS ATM network was conceived and introduced back in 2012. Since then, it has provided Malaysians with convenient access to cash; it charges RM1 and RM4 for each domestic and foreign interbank transaction, respectively.

(Source:  Euronet)

• TAGS:
• ATM
• Automated Teller Machines
• Euronet
• Farhan Ahmad
• Himanshu Pujara
• Malaysian Electronic Payment System (MEPS)
• MEPS
• Payments Network Malaysia
• Payments Network Malaysia Sdn Bhd (PayNet)
• PayNet
• Ren Payments