Paynet Digital Campus 3.0 breaks records with 24 million cashless transactions

• Initiative included 25 public and 5 private universities
• Disbursed US$231,000 in 2024 to support university digital payment initiatives

Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and central financial infrastructure provider, has recorded success with its PayNet Digital Campus 3.0 (PDC3.0) campaign, generating 24 million digital payments across participating higher education institutions in Malaysia.

The initiative, involving 30 institutions—25 public universities and five private higher education institutions marks a significant expansion from its predecessor. PayNet stated that it disbursed a total of US$231,000 (RM1.02 million) in sponsorship funds to participating universities between August and September 2024 to support digital payment initiatives.

In the Public University (UA) category, UiTM Cawangan Perak secured first place with 66 transactions per capita, followed by UiTM Cawangan Sabah and UiTM Cawangan Johor. In the Private Institution (IPTS) category, Universiti Teknologi Petronas emerged as the champion, with Asia Pacific University taking second place.

Student councils were also recognised for their innovative digital payment campaigns. In the UA Student Council category, UiTM Cawangan Johor clinched the top spot, while Universiti Teknologi Malaysia and UiTM Cawangan Perak placed second and third, respectively. In the IPTS Student Council category, Universiti Teknologi Petronas led, followed by Asia Pacific University and Universiti Tunku Abdul Rahman.

Special Recognition Awards were presented to Universiti Putra Malaysia, Universiti Malaya, Universiti Sultan Zainal Abidin, Universiti Malaysia Sabah, Universiti Kebangsaan Malaysia, and Universiti Teknologi Malaysia for surpassing one million transactions during the campaign, demonstrating exceptional commitment to driving digital payment adoption within their campus communities.

"The remarkable growth in transactions and participating institutions underscores the strong momentum towards Malaysia’s cashless transformation in the education sector," said Farhan Ahmad, group CEO of PayNet. "By championing cashless campuses, we are not only preparing students for a digital future but also fostering greater financial inclusion. Empowering students with digital financial skills ensures that all learners, regardless of background, can participate in and benefit from Malaysia’s evolving digital economy. At the same time, we are creating safer, more efficient learning environments by reducing reliance on cash transactions.”

PDC3.0 continued the successful "Shark Tank"-inspired format from previous years, where student councils pitched their digital payment adoption campaigns to secure funding. The winning campaigns were then implemented between October and December 2024. PDC3.0 delivered exceptional results, with the highest-performing institution recording 1.5 million transactions. The programme achieved a peak transaction rate of 66 transactions per student, while the most cost-efficient campaign reduced costs to just US$0.0113 (RM0.05) per transaction.

The initiative aligns with Bank Negara Malaysia's Financial Sector Blueprint 2022-2026, which aims to accelerate e-payment adoption and promote a digital payments culture. With over one million students at higher education institutions, the programme serves as a crucial catalyst for fostering a "cashless-first" mindset through student council empowerment.

Speaking at the event, Prof. Dr Azlinda Azman, director general of Higher Education at the Ministry of Higher Education, highlighted the initiative's role in Malaysia’s digital transformation. “By fostering a cashless-first culture, we are not only modernising university ecosystems but also equipping students with essential financial literacy and digital skills that will prepare them for the future economy.”

“This initiative supports the nation’s commitment to integrating technology into education and aligns with Malaysia’s Digital Economy Blueprint, which envisions a society empowered by seamless digital transactions. As PayNet and its partners launch Digital Campus 4.0, I encourage more universities to embrace this opportunity and accelerate our progress towards a cashless and digitally inclusive Malaysia,” he added during his keynote address.

At the event, PayNet also unveiled the fourth edition of the programme, PayNet Digital Campus 4.0 (PDC4.0), which retains the successful structure of its predecessor. Registration is now open for higher education institutions with student populations exceeding 3,000.

"The launch of PayNet Digital Campus 4.0 marks the next phase in accelerating digital transformation within Malaysia’s education sector. By equipping universities with the tools and support to drive cashless adoption, we are not only modernising campus transactions but also shaping a generation of digitally empowered leaders. As we expand this initiative, we look forward to seeing even greater innovation from students in driving Malaysia’s evolution into a fully cashless nation," said Firdaus Ghani, PayNet's senior director, Government Digitalisation Division.