PETALING JAYA: Banks should lower the rates of their electronic payment machines as online transactions have become the norm, says Datuk Seri Dr Wee Ka Siong.
"The time has come for banks to reduce the rates of electronic payment machines or take a break because online payments are now widely used," urged the MCA president.
He pointed out that if banks do not adjust their approach, they will place unnecessary burdens on both consumers and merchants, especially when banks have already reaped substantial profits and can lower costs for the public.
"It's time for banks to do what they can to lighten the load on the people; enough is enough," he said in a Facebook post on Thursday (Aug 15).
"I hope the steps taken by Bank Negara Malaysia will be sustained and continue to prioritise the interests and welfare of the people," he added.
Dr Wee also expressed his desire for Bank Negara Malaysia to re-evaluate the acceptable downtime limits, which are currently set at four hours per year and a maximum of 120 minutes per incident.
"For me, it is too lax or lenient. BNM should tighten the limit or strengthen the limit so that all banks consider compliance with this as a priority for the benefit of consumers.
"For me, this period needs to be shortened. In this way it will force each bank to increase the investment in strengthening the online service system because the common people will depend on e-payment," he added.
Any unplanned disruptions can create chaos among users, he noted, stressing the importance of reliable services.
Furthermore, he pointed out that Maybank and CIMB were each fined RM4.32mil and RM760,000, respectively, by Bank Negara Malaysia, amounts which only represent 0.03% and 0.01% of their pre-tax profits for 2023.
"These percentages are significantly smaller compared to the rates imposed by these banks on merchants for transactions," Dr Wee said.
He said that there is a strong case for Bank Negara Malaysia to investigate the matter further.
According to him, even though the imposed fines are not significant compared to the much larger profits of the banks, BNM’s actions should be commended.
"This also represents a positive start for BNM in its role as the financial regulatory authority in Malaysia.
