ABM: E-payment take-up rate at 70% at roadshows

By Liz Lee

KUALA LUMPUR: Businesses have responded well to the migration to e-payments, with a positive take-up rate of 60% to 70% at the roadshows by the Association of Banks in Malaysia (ABM).

Executive director Chuah Mei Lin said more small and medium enterprises were warming up to the e-payment idea and practice through the road shows ABM had done nationwide.

“Most larger businesses have adopted e-transactions, only the remnants of small and medium businesses are left to move over,” she said at a press conference.

Based on the targets set in the Financial Sector Blueprint, Bank Negara aims to raise e-payment transaction per capita to 200 by 2020. 

In 2012, each Malaysian made an average of 56 e-payments.

It also intends to reduce the number of cheques processed a year from 204 million in 2012, to 100 million by 2020.

Bank Negara announced this measure on March 20 last year to promote the use of e-payment while capping the fee for interbank GIRO transactions performed via Internet and mobile banking at a maximum of 10 sen from May 2 last year.

At the same time, a cheque processing fee of 50 sen, on top of a stamp duty or 15 sen, will also come into force this April 1 onwards to coax all business entities to move to the electronic platform.

“Aside from being more cost-efficient and convenient, e-transactions are a more transparent cost setting way,” Chuah said.

Chuah said that banks that process the cheques will collect the 50 sen charge. Meanwhile, Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear), a wholly-owned subsidiary of Bank Negara, charges the banks 10 sen for every interbank GIRO fund transfer.
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