Euronet, a leading global financial technology solutions and payments provider, announced the completion of the acquisition of the Malaysian Electronic Payment System (MEPS) ATM terminals of Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and central financial infrastructure for Malaysia. This acquisition enhances Euronet’s role as the largest non-bank operator of ATM terminals in Malaysia.
The integration of this nationwide network of about 800 ATM terminals into Euronet’s existing independent ATM deployer (IAD) network will benefit from Euronet’s industry-leading Ren payments platform. This expansion ensures secure, reliable 24/7 cash access for millions of customers across Malaysia, strengthening its commitment to serving both urban and rural areas.
Since its inception in 2012, the MEPS ATM network has provided millions of Malaysians in local communities and small businesses with convenient access to cash. Euronet will maintain and expand the IAD network across Malaysia, promoting financial inclusion.
Effective April 1, 2024, the MEPS ATMs have been fully transferred to Euronet. A rebranding exercise to Euronet’s brand will be completed in the next year, during which time the MEPS brand may still be visible at some ATMs.
This acquisition is part of Euronet’s ATM Asset Acquisition Program, which has been successfully implemented worldwide and provides banks and operators like PayNet with strategic pathways for divestment of their ATM networks. The program enhances business continuity and expands customers’ reach and services. It also includes full-scale ATM outsourcing services that cover the complete value chain of ATM operations.
“We are excited to announce our acquisition of the MEPS ATMs from PayNet and will continue working hand-in-hand to ensure our commitment to expanding the network is in line with customer demands and that needs are met in both urban and rural areas,” said Himanshu Pujara, Senior Vice President and MD Asia Pacific and Ren Payments. “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, given their focus on driving digital payment behaviors leveraging the real-time payment rails available in Malaysia. Additionally, it creates an opportunity for digital banks and fintechs to partner with us as a cash-in and cash-out infrastructure to supplement their digital-only offerings.”
“As PayNet focuses on delighting customers with innovative digital payment initiatives, we needed a partner that could effectively manage the ATM terminals and provide the same level of service that Malaysians have come to expect from PayNet,” said Farhan Ahmad, Group CEO of PayNet. “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.”
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