Malaysia Moving Towards Cashless Society
565 views · Published 8 December 2017 · 1:46 · Indexed 27 September 2026
Channel: 7Edition · 2017 · News & Politics
Bank Negara Malaysia says in quest to engage in the digital economy, migration to e-payments is a critical component. Its Governor, Tan Sri Muhammad Ibrahim said, the move will benefit Malaysia through greater efficiency and productivity as well as enhancing the country's competitiveness. He said this in his keynote address at the Payment System Forum And Exhibition 2017. To drive the migration to e-payments during the transition period, the instant transfer fee of 50 sen would be waived for transactions up to RM5,000 per transaction, effective July 1st 2018 while cheque fee would be increased from 50 sen to RM1 beginning January 2nd, 2021. From 2009 to 2017, the industry has invested RM893 million to enhance the e-payment infrastructure. (Soundbite of Tan Sri Muhammad Ibrahim/Governor, Bank Negara)
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