Going cashless as a way of life

Ong (left) and Tan, who says the main objectives of the framework are to address indiscriminate increases in interchange fees by ensuring that the cost of payment card acceptance is fair and reasonable.

REFORMS are taking place in the card payment industry that will indefinitely transform the way Malaysians make payments. Essentially, this is the start of Malaysia going cashless and it begins on Thursday.

The reforms will affect banks, merchants, terminal and card manufacturers and payment service providers. It will involve revenues of RM5.1bil from now until 2020. Out of this, RM1.1bil will be invested for infrastucture development.