New Pricing for Cheques will now take effect on 2 January 2015Ref No : 03/14/07 19 Mar 2014 Embargo : For immediate release
Since the commencement of the new pricing strategy, there has been encouraging progress made in IBG transactions. The monthly growth rate tripled to 6% or 10 million transactions from May to December 2013 compared to 2% or 6 million transactions in the preceding 8 months. Cheque issuance had also declined at a faster pace of -3.3% or 6.7 million cheques in 2013 compared to only -0.5% or 1 million cheques in 2012.
While there has been encouraging progress made, it is noted that the required devices need to be in place to facilitate a comprehensive acceptance of e-payments particularly, at the federal and state government agencies nationwide. To allow these entities to put in place the necessary devices, the imposition of the 50 sen cheque processing fee will now be effective beginning 2 January 2015. The banking institutions will also intensify their efforts to provide adequate guidance and incentives to their customers to accelerate the use of e-payments.
Bank Negara Malaysia
19 Mar 2014
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