What is the role of PayNet in this interbank ATM fee waiver?

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PayNet Played a Key Role in Facilitating the Interbank ATM Fee Waiver

Payments Network Malaysia Sdn Bhd (PayNet) collaborated closely with the banking industry to ensure the smooth implementation of the RM1 interbank ATM withdrawal fee waiver. This initiative, which commenced on July 1, 2026, aims to alleviate the cost of living and enhance accessibility to essential banking services for Malaysians.
Collaboration with Banking Associations

PayNet worked in tandem with the Association of Banks in Malaysia (ABM), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), and the Association of Development Finance Institutions of Malaysia (ADFIM). This cooperative effort was crucial in guaranteeing that the fee waiver was put into effect seamlessly.
Objective of Easing Financial Burden

The primary objective behind this initiative is to reduce the financial burden on the public. By removing the RM1 fee for interbank ATM cash withdrawals, the banking sector seeks to make everyday banking more convenient and affordable for all Malaysians.
Improving Access to Banking Services

Beyond cost reduction, the fee waiver is intended to improve access to and the convenience of daily banking transactions. This aligns with a broader vision of fostering a more inclusive financial system that prioritises the needs of the general populace.

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What is the role of PayNet in this interbank ATM fee waiver?

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