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PR Newswire
10-12-2013, 07:57 AM
Bank Negara to push for more e-payment adoption
KUALA LUMPUR: The public and businesses have been urged to migrate to electronic payment (e-payment) options.
Bank Negara Malaysia deputy governor Datuk Muhammad Ibrahim said the e-payment options can potentially boost efficiency gains and cost savings of about one per cent of a country's gross domestic product annually.
He added that RM1.8 billion has been allocated under the 2014 Budget for the implementation of the second phase coverage of e-payment options, which will benefit 2.8 million households.
He was speaking at a payment system forum and exhibition, here, yesterday.
According to data provided by Bank Negara, e-payment transactions from January to September stood at RM11.6 trillion, up four per cent from RM11 trillion in the same period last year.
The e-payment options include Internet banking, interbank GIRO, mobile banking and payments via automated teller machines (ATMs).
Bank Negara has called on banks to widen the access points for the public to conduct e-payments, including via the ATM network.
Muhammad said while Malaysia's population stands at 29.7 million, there are 41 million ATM cards with a debit application that can be used to make purchases at merchant outlets.
"This provides an opportunity for banks and businesses to leverage on, improve the coverage of Point-of-Sale terminals to facilitate the use of the debit card as means to reduce the need for cash, as well as increase tourist spending at more merchant outlets," he added.
Meanwhile, the transaction value for cheques in the first nine months of 2013 stood at RM1.5 trillion.
Read more: Bank Negara to push for more e-payment adoption http://www.btimes.com.my/Current_News/BT...z2n1ckU2gy
KUALA LUMPUR: The public and businesses have been urged to migrate to electronic payment (e-payment) options.
Bank Negara Malaysia deputy governor Datuk Muhammad Ibrahim said the e-payment options can potentially boost efficiency gains and cost savings of about one per cent of a country's gross domestic product annually.
He added that RM1.8 billion has been allocated under the 2014 Budget for the implementation of the second phase coverage of e-payment options, which will benefit 2.8 million households.
He was speaking at a payment system forum and exhibition, here, yesterday.
According to data provided by Bank Negara, e-payment transactions from January to September stood at RM11.6 trillion, up four per cent from RM11 trillion in the same period last year.
The e-payment options include Internet banking, interbank GIRO, mobile banking and payments via automated teller machines (ATMs).
Bank Negara has called on banks to widen the access points for the public to conduct e-payments, including via the ATM network.
Muhammad said while Malaysia's population stands at 29.7 million, there are 41 million ATM cards with a debit application that can be used to make purchases at merchant outlets.
"This provides an opportunity for banks and businesses to leverage on, improve the coverage of Point-of-Sale terminals to facilitate the use of the debit card as means to reduce the need for cash, as well as increase tourist spending at more merchant outlets," he added.
Meanwhile, the transaction value for cheques in the first nine months of 2013 stood at RM1.5 trillion.
Read more: Bank Negara to push for more e-payment adoption http://www.btimes.com.my/Current_News/BT...z2n1ckU2gy