25 Nov 2021 | Thursday

In an effort to provide a robust financial system infrastructure, Bank Negara Malaysia (BNM) has established reliable, efficient and secure payment systems. Specifically, under the retail payment system, there are four designated payment instruments: (i) debit cards, (ii) credit cards, (iii) charge cards and (iv) e-money.

The role of e-money in gearing the national agenda toward a cashless society is rapidly gaining importance to promote greater economic efficiency. BNM’s Financial Sector Blueprint 2010–2020 envisioned an increase in e-payment transactions per capita from 44 transactions in 2010 to 200 in 2020.

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This article was first published in IFN Volume 18 Issue 39 dated the 9th September 2021