Q1 mobile payments worth RM726mil from 25 million transactions

KUALA LUMPUR: A total of 25.126 million mobile payment transactions worth RM725.8mil have been recorded in the first quarter of this year, says Deputy Finance Minister Datuk Amiruddin Hamzah.

He said the government was moving towards a cashless society and pushing the public to adopt the move as it has proven to be safer than using cash.

“For the first quarter of this year, mobile payment transactions stood at 25.126 million involving an amount of RM725.8mil,” he said in reply to a supplementary question from Fahmi Fadzil (PH-PKR) during Question Time in Parliament on Wednesday (July 3).

Fahmi had asked the Ministry to reveal the latest figures on cashless transactions or e-wallets.

Amiruddin said the use of e-wallets would also make payments more efficient, as it was faster and safer.

“We want it to become a trend among the people. We no longer have to carry a physical wallet full of cash, but use an e-wallet for our future transactions,” he added.

He said any party, including financial institutions and non-banks, that wanted to provide such services would need the green light from Bank Negara Malaysia.

According to him, Bank Negara had approved 49 non-banking companies to provide digital electronic money (e-money), with 39 providing such services via an e-wallet, while 10 did via cards or online accounts.

As for the use of cryptocurrency, the Securities Commission of Malaysia (SC) has created a monitoring framework to facilitate the trading of digital assets.

“We already have guidelines issued by the SC, which is called Guidelines of Recognised Market, and it highlights what is allowed, the risks and others.

“But for Initial Coin Offerings (ICOs), to find funds for startup companies, the SC is still gathering input from the public so it can issue guidelines which would be finalised by the second quarter of next year.

“This is to ensure that once it takes off, it will have a proper, conducive and secure ecosystem,” said Amiruddin.

On the approval of digital coins, including the Harapan coins by Bank Negara, he said he could not give the full details, but such trading was approved by the authorities with the proper regulations.

“For the Harapan coin, we still do not have it,” he said.

It was reported that the Harapan coin, set to be the world's first political fundraising platform, would use two technologies.

It was first proposed by Federal Territories Minister Khalid Abdul Samad, who said it would need approval from Bank Negara and the Pakatan Harapan presidential council.
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