🇲🇾 DuitNow vs 🇹🇼 FISC

Malaysia vs Taiwan · Real-time payment systems compared

🇲🇾 DuitNow

Malaysia

2025 Transactions4.5 billion

2025 Value (USD)$330.0bn

Volume YoY+28.6%

Launched2018

OperatorPayNet

SettlementInstant

🇹🇼 FISC

Taiwan

2025 Transactions1.4 billion

2025 Value (USD)$7.6tn

Volume YoY+3.6%

Launched1991

OperatorFISC

SettlementNear-instant

Key differences

DuitNow processes 3× more transactions than FISC (4.5 billion vs 1.4 billion in 2025).
DuitNow is growing faster year-on-year (28.6% vs 3.6%, a 25.0 point gap).
FISC (1991) predates DuitNow (2018) by 27 years.
Settlement: DuitNow is instant, FISC is near-instant.
Both systems support QR code payments.
DuitNow uniquely supports cross-border, ISO 20022.

Infrastructure comparison

Capability	DuitNow	FISC
QR Code Payments	✓	✓
Wallet Support	✓	—
24/7 Availability	✓	✓
Cross-Border	✓	◐
ISO 20022	✓	◐
Request to Pay	✓	—
Open API	✓	◐
Alias/Proxy	✓	◐

About each system

DuitNow

Malaysia's unified real-time payment platform operated by Payments Network Malaysia (PayNet). DuitNow supports instant transfers via mobile number, NRIC, passport number, or business registration, with DuitNow QR enabling interoperable merchant payments across all banks and e-wallets. The system also includes DuitNow Request (request-to-pay) and DuitNow Autodebit for recurring payments. Cross-border QR linkages with Thailand's PromptPay, Singapore's PayNow, and Indonesia's QRIS are live or in progress.

FISC

Taiwan's shared interbank real-time rail, operated by FISC (Financial Information Service Co.). Carries both institutional flows and consumer traffic — real-time transfers in every Taiwanese bank's mobile app, any-bank ATM withdrawals, and TWQR merchant payments. TWQR is FISC's national interoperable QR-code standard (launched 2019), used by consumer wallets Line Pay Money, JKO Pay, iPass Money and Pi 拍錢包. Live 24/7 since 1991, connecting 107 institutions, handling TWD plus five foreign currencies (USD, RMB, JPY, EUR, AUD). Settles through the CBC's RTGS.