Bank Negara records higher use of electronic fund transfers and a decline in cheque usage

Tan (third from left) said the use of cheques declined eight-fold between 20111 and last year.

MORE people are turning to electronic funds transfer services to perform financial transactions.

Bank Negara Malaysia (BNM) Payment System Policy Department Director Tan Nyat Chuan said the use of Interbank Giro (IGB) has almost doubled from 19% to 34% while the use of the Instant Interbank Funds Transfer (IBFT) facility has also grown over 60% since 2011.