Promotion of e-payment for the transfer of funds intensified

E-Payment will be promoted as a medium of transaction in the economy as well as appropriately, safely and profitably in terms of cost, for the transfer of funds. Bank Negara Malaysia's Financial Sector Plan 2011-2020 report, said the growth in e-payment is very encouraging, with growth significant in the overall method.
The use of e-payment per capita has doubled, from 22 in 2005 to 44 in 2010, with the huge growth in the use of debit cards, which rose by 8.2 times, Internet Banking by 6.3 times and the Interbank GIRO by 4.5 times.
"Within the next 10 years, the Bank aims to increase the number of e-payment transactions per capita to 200 by the end of 2020, compared to 44 transactions in 2010 and reduced by more than half of the check transactions from 207 million to 100 million a year," he said. The central bank said the measures would be implemented to encourage the shift from paper payments to electronic payments and access to wider infrastructure, such as point of sale terminals and mobile banking. "Bank Negara will continue to provide the necessary regulatory environment to drive the migration to e-payment, increase efficiency, including initiatives that will drive cost savings for the country as a whole and contribute to the stability of payment systems. "benefits transfer to e-payments is not only limited to financial efficiency gains, but also promote user-friendly environment," he said . In addition to promoting e-payments, a more comprehensive approach to consumer protection and education will also be introduced in an effort to promote a culture of shared responsibility between consumers and financial service providers. "This includes the laws of the new consumer credit and financial literacy programs targeting, "he said. Central Bank will also ensure a skilled pool of talent to handle the new landscape problems through collaboration and coordination with parties beyond the financial sector. "In this regard, the Council of Financial Services Talent will be established to drive the agenda of talent development and monitoring of the financial sector and coordinate efforts for the development of talent in the financial sector.