Cheque usage declines, electronic fund transfers grow

PETALING JAYA: Since the implementation of the Pricing Reform Framework in May 2013 and the e-Payment Incentive Fund (ePIF) Framework in January 2015, cheque usage which had only declined at a marginal rate of 2% on average from 2011 to 2013, had dropped at a higher rate of 10% in 2014, said Bank Negara deputy governor Datuk Muhammad Ibrahim.

The decline in cheque usage had accelerated to 16% for the first nine months of this year, said Muhammad during his keynote speech at the 2015 Payment System Forum and Exhibition 2015.