Tuesday, May 28

Strong growth in use of e-payment thanks to cooperation from stakeholders, BNM assistant governor says

Malaysia has achieved strong growth in the use of e-payment due to cooperation and commitment from the public and private sectors, as well as urban and rural communities, said Bank Negara Malaysia (BNM).

Assistant governor Abd Rahman Abu Bakar said e-payment transactions grew to 9.5 billion last year, compared to 7.2 billion in 2021.

In a statement on Saturday, he said that on average, each Malaysian made 291 e-payment transactions in 2022, up from 222 transactions in 2021.

“For example, there were over 100,000 QR code registrations in the first three months of the year, with overall registrations totalling 1.7 million as at the first quarter of 2023.

.“I hope this growth can be increased with commitment from the industry to continue helping micro- and small traders adapt e-payment into their businesses,” he said when officiating at the eDuit Desa Jom Cashless Programme in Bagan Nakhoda Omar, Selangor.

Concerning the transaction fee on DuitNow QR payments imposed on merchants, Abd Rahman said the industry had taken appropriate steps to reduce the effect on businesses.

He said, for example, major banks and various non-bank financial service providers had announced that they would continue to waive the transaction fee on micro- and small businesses receiving payments via DuitNow QR.

“BNM’s goal, together with financial sector institutions, is to ensure the convenience of e-payment can be enjoyed by all levels of society, whether in urban areas or villages. E-payment is a safe, convenient and instant payment option,” he said.

Abd Rahman said the e-Duit campaign, launched last year, will be continued in order to raise awareness of the benefits of e-payment.

He said the pilot e-Duit project at Pulau Redang succeeded in convincing 70% of the island’s businesses to utilise e-payment.

He said this initiative has improved the economy of the people in Redang, where they used to rely on cash transactions.

“Through this pilot project, we have heard from the locals (in Redang) on the positive impact (of e-payment) from the aspects of safety and convenience, as well as increasing revenue and economic opportunities through tourism,” he said.

Abd Rahman added that efforts at the grassroots level, such as this, can generate domestic economic growth and grow small and medium enterprises, to help realise the National Entrepreneurship Policy 2030 and propel Malaysia to become an advanced nation. – Bernama

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