Tan (second from left)) with Chuah and B. Ravintharan stopping at a booth during the roadshow in Miri. — Stephen THEN / The Star
MIRI: Sarawakians should use electronic-payment services on a wider scale in order to save costs.
This is especially so for those who are operating small- and medium-scale businesses in the state, said Bank Negara payment systems policy department director Tan Nyat Chuan.
“Due to the size of Sarawak, businesses in this state have to sustain higher operational costs.
“Therefore, it will be much cheaper and more convenient to use e-services when doing financial transactions or payments.
“Bank Negara has carried out additional measures to make e-payment much safer to use.
“We are on a roadshow to promote this service nationwide. For Sarawak, we have covered Sibu, Bintulu and Miri,” he said at the roadshow here. Also present were Association of Banks in Malaysia executive director Chuah Mei Lin and National Cards Group chairman B. Ravintharan.
On a related matter, Tan said those with existing ATM and credit or debit cards must start replacing their existing signature-based cards to the new type that used personal identification number or PIN now, before the year-end deadline.
Bank Negara and industry players are worried over last-minute rush if cardholders do not take proactive steps to replace their cards now.
Tan pointed out that there was a need to replace some 44 million ATM cards, eight million credit cards and 24 million active debit cards.
He said the PIN-based cards had tighter security features including a foolproof chip.
“Starting in January 2017, all these e-payment cards must be PIN-based and the signature-based cards will be phased out.
“We want the public to know that the new card has many additional security features.
“This is an important move for us to make e-payment safer,” he added.
Tan said that after the Dec 31 deadline, Bank Negara will give six months grace period to the public, retail outlets, hotels, airline and other sectors to get used to the new mode of card usage.
By July 1, the old system would be completely turned off, he added.