KUALA LUMPUR (Aug 5): RHB Bank Bhd (KL:RHBBANK) has launched RHB Pay, the country’s first bank-owned unified online payment platform equipped with bank-grade security, aimed at simplifying payments, increasing operational efficiency and improving cash flow management for merchants.
RHB Pay consolidates multiple payment channels into a single integration layer, streamlines onboarding, enables direct settlement, expedites verification and automates reconciliation.
Merchants are provided with a dashboard to track transactions in real time and access reports through a single portal, making it easier to manage their finances.
Digital payments have become a backbone of commerce, with Malaysia recording more than 18 billion electronic payments in 2025. RHB Pay aims to bring more businesses into the digital ecosystem by providing faster and more reliable payment services.
“Through a single platform, merchants can accept multiple payment methods including cards, FPX, DuitNow and e-wallets, while benefiting from a more streamlined payment and reconciliation experience. For customers, it means faster, safer and more seamless payment experiences,” said Datuk Mohd Rashid Mohamad, group managing director and group chief executive officer of RHB Banking Group.
Artificial intelligence (AI) was also used in the development of RHB Pay, particularly for payment reconciliation, a major pain point for merchants.
RHB Pay is designed to accommodate new payment methods without requiring business owners to build another layer of integration.
For example, AI can help merchants forecast business performance based on historical payment records and trends, adding another layer of functionality to the service.
RHB Pay was developed in collaboration with regulators, infrastructure providers, financial institutions and technology providers within Malaysia’s payments ecosystem. The integration of PayNet’s payment infrastructure, including FPX and DuitNow, allows businesses to digitalise their payment processes and provide a secure payment acceptance experience.
“We are pleased to support this innovation through PayNet's national payment rails. More importantly, it demonstrates the significant opportunities that remain for industry growth when participants focus on the needs of different customer segments,” said Praveen Rajan, CEO of PayNet.
So far, 20 businesses have been onboarded for the RHB Pay pilot.
From left: RHB Bank managing director of group wholesale banking Nurjesmi Mohd Nashir, Bank Negara Malaysia deputy governor Aznan Abdul Aziz, RHB Bank chairman Tan Sri Ahmad Badri Mohd Zahir, RHB Bank CEO Datuk Mohd Rashid Mohamad and PayNet non-independent non-executive chairman Datuk Mohd Izzaddin Idris