What is the function of Payments Network Malaysia Sdn Bhd (PayNet)?

The function of Payments Network Malaysia Sdn Bhd (PayNet) is to enable instant payments using mobile numbers and identity documents. This aligns with the growing trend towards digital payments, where convenience and speed are prioritized. PayNet focuses on providing payment infrastructure that supports real-time transfers and a range of electronic payment services, which enhance the overall payment experience for users in Malaysia.

This approach facilitates a more inclusive financial ecosystem, allowing individuals and businesses to transact easily without the constraints of traditional banking methods. By leveraging mobile numbers and identity documents, PayNet simplifies the payment process, making it accessible even for those who may not have traditional banking accounts.

Other options do not accurately describe PayNet’s role. For instance, restricting mobile payment options or focusing solely on cash payments goes against the initiative of providing advanced digital payments. Additionally, serving as a credit card provider is not PayNet's primary function; instead, it aims to enhance the payment network infrastructure rather than issuing credit directly.