Malaysia moving towards cashless society

Since 2009, the industry has invested RM893mil to enhance the e-payment infrastructure and will invest a further RM346mil to expand the POS terminal network and RM40mil to develop the real-time retail payment platform.

KUALA LUMPUR: To embrace the digital economy, Bank Negara has taken various step to enhance the e-payment platform, hence moving the country towards a cashless society.

Governor Tan Sri Muhammad Ibrahim said effective July 1, 2018 the instant transfer fee of 50 sen will be waived for up to RM5,000 per transaction by individuals and small medium enterprises (SMEs).