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Malaysia relocating towards cashless multitude – Business News | The …

KUALA LUMPUR: To welcome a digital economy, Bank Negara has taken several step to raise a e-payment platform, hence relocating a nation towards a cashless society.

Governor Tan Sri Muhammad Ibrahim pronounced effective Jul 1, 2018 a present send price of 50 sen will be waived for adult to RM5,000 per transaction by people and tiny middle enterprises (SMEs).

However, a coupon price would be increasing from 50 sen to RM1.00, commencement Jan 2, 2021 to simulate a aloft estimate cost.

“The mountainous digital economy will need an e-payment process that is a vicious member that could boost capability and be some-more cost-efficient,” he pronounced during a Payment System Forum and Exhibition here.

Bank Negara embarked on a 10-year e-payment highway map in 2011 and to date, a sum coupon volume has declined 42% from 205 million in 2011 to usually 120 million this year.

Electronic account transfers on a other palm have increasing from 66 mil exchange in 2011 to an estimated 329 million for 2017.

“At a stream rate of decline, we can grasp a aim of shortening coupon use to 100 mil by 2019, and one year forward of schedule,” Muhammad said.

Since 2009, a attention has invested RM893mil to raise a e-payment infrastructure and will deposit a serve RM346mil to raise a point-of-sale (POS) depot network and RM40mil to rise a real-time sell remuneration platform.

Muhammad also pronounced that a remuneration record had turn some-more advanced, scalable and low cost, that advantages merchants directly, as their operations cost was lowered by a regulating discerning response formula (QR Code). “Most Malaysians are expected to lift both a withdraw label and mobile phones, and as of now, there are 45.4 million withdraw cards and 42.8 million mobile phone subscriptions. We need to take advantage of and optimise this medium,” he added.

To inspire a use of a QR formula payment, Bank Negara has released an Interoperable Credit Transfer Framework (ICTF).

“For a initial time in a history, business of banks and non-banks will shortly be means to send supports opposite a network by only referring to a mobile phone number, marker series or QR code,” he said.

The ICTF will also raise patron insurance and certainty in a use of a credit send service. — Bernama


Article source: https://www.thestar.com.my/business/business-news/2017/12/09/malaysia-moving-towards-cashless-society/