Mobile payment deemed not a threat to banks in Malaysia

Low impact: Lee (left) and Wong don’t see mobile payment affecting bank revenue in Malaysia.

PETALING JAYA: The increasing popularity of mobile payment due to the high mobile penetration rate is not seen as a material threat to Malaysian banks, according to RAM Ratings.

In an email interview with StarBiz, RAM Ratings co-head of financial institution ratings Wong Yin Ching said such a mode of payment in the country is unlikely to attain the level of ubiquity that it enjoys in China.