Malaysia to fully implement pin and pay system on July 1 next year

MIRI: The signature verification card payment transaction for cardholders will be gradually abolished to make way for the implementation of the pin and pay system on July 1, 2017.

Bank Negara Malaysia Payment System Policy Deparment director Tan Nyat Chuan said that before the full implementation, cardholders would be given six months, beginning January until June 2017, to familiarise themselves with the new system.

The pin and pay system uses a PIN enabled card that allows a cardholder to make a purchase by keying in a six-digit PIN, with no signature required.

It is an enhanced payment method and will make an already safe payment system even more secure.

"The targeted completion of the infrastructure rollout and card replacement is expected by Dec 31, 2016," he told reporters after the national e-payment roadshow 2016 in Miri on Tuesday.

In addition to the pin and pay system, he said, cardholders would be able to pay through the "tap-and-go" system beginning Jan 1, 2018.

He said 44.3 million cardholders would be able to enjoy the facility once the new system becomes operational.

"Cardholders can pay by 'tap-and-go' for low value transactions," he said.

On the e-payment, he said that from January to June 2016 cheque usage had declined 10% due to the rising usage of Interbank Giro and Instant Interbank Fund Transfer.

"IBG and IBFT transactions showed an increased growth of 18% and 94%, respectively," he said.

The roadshow was jointly organised by Bank Negara, the Association of Banks in Malaysia and the Association of Islamic Banking Institutions. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Did you find this article insightful?


Next In Business News

Blackstone-backed Patria eyes expansion in Latam, Asia
METALS: Tin, aluminium, copper prices down
Oil price falls on China's COVID-19 cases, high crude build
IBM, Intel slump weighs on Wall St as coronavirus concerns rise
GLOBAL MARKETS-Weak data, earnings drag stocks lower
Getting through tough times together
Keeping the economy moving with stimulus
How economic stimulus matters for countries
Short Position - Siletrra, AirAsia, ESG
The changing Asean banking landscape

Stories You'll Enjoy