Mobile payment transactions picking up, says Amiruddin


  • Nation
  • Thursday, 04 Jul 2019

Reports by MARTIN CARVALHO, HEMANANTHANI SIVANANDAM, RAHIMY RAHIM and TARRENCE TAN 

A TOTAL of 25.1 million mobile payment transactions has been recorded with a volume of RM725.8mil 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 is proven to be safer than using cash.

“For the first quarter of this year, mobile payment transactions stood at 25.1 million involving an amount of RM725.8mil,” he said in reply to a supplementary question from Fahmi Fadzil (PH-PKR) during Question Time.

Fahmi was asking the ministry to reveal the latest figures of cashless transactions or e-wallet.

Amiruddin said the use of e-wallet would also improve efficiency when making payments 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 just use e-wallet for our future transactions,” he said.

He said any parties, including financial institutions and non-banking institutions, that wanted to provide such services would need the green light from Bank Negara Malaysia (BNM).

According to him, BNM had approved 49 non-bank companies to provide the use of digital money, with 39 providing such services via e-wallet while 10 more via card or online accounts.

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

“We already have a guideline issued by SC, which is called Guidelines on Recognised Market, and it highlights what is allowed, risks and others.

“But for initial coin offerings, to find funds for start-up companies, SC is still gathering input from the public so it can issue a guideline which will be finalised by the second quarter of next year.”

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