Bank Negara records RM11.5bil in cashless transactions in 2023

KUALA LUMPUR: Bank Negara Malaysia recorded a total of RM11.5bil in cashless payment transactions last year thanks to the availability of 4G and 5G coverage and internet services throughout the country, the Senate was told on Wednesday (March 27)

Deputy Digital Minister Datuk Wilson Ugak Umbong, said that this figure shows an increase from RM9.5bil in 2022 and RM7.2bil in 2021.

"The Ministry will continue to collaborate with various parties in encouraging entrepreneurs to adopt cashless payment methods in line with technological advancements.

"In this regard, Bank Negara is the leading agency in promoting the use of e-payments among consumers and businesses to facilitate easy and secure digital transactions,” he said when winding up the debate on the motion of thanks for the Royal Address on Wednesday.

Through the Jendela initiative previously implemented by the Ministry of Communications, Wilson said 4G network coverage is being expanded throughout the country so that 100 per cent coverage in populated areas (CoPA) can be achieved by 2025.

He said Digital Nasional Berhad (DNB) will also complete 7,509 5G sites nationwide to further increase 5G access.

With a 100% CoPA for 4G networks achieved and the completion of the 7,509 5G sites, it is hoped that the adoption of digital payments, especially among small entrepreneurs, will be able to be expanded throughout the country, he added.

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