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Driving towards electronic payments
The role of the Bank and summary of the roadmap for migration to electronic payments
Accelerating the country's migration to electronic payments to quicken the pace for the country to realise the resulting cost savings and benefits has become a part of the Bank's agenda to increase the efficiency of the nation's payment systems. To underscore the importance of e-payments and to drive this agenda forward, the Bank has initiated the formulation of an electronic payments roadmap that provides a high level strategic direction for the country to migrate to electronic payments.
The roadmap aimed to bring together relevant stakeholders to address the barriers that have impeded the increased adoption of electronic payments in a comprehensive and strategic manner, and thus promote an environment that is conducive for greater use of electronic payments.
The roadmap for migration to electronic payments focuses on the main thrusts of safety, efficiency and public interests, and contains recommendations and action plans that are directed towards fostering greater efficiency and innovation in the market, without compromising the Bank's objective of maintaining the overall safety and reliability of the payment system. At the same time, the public to embrace e-payment is achievable through education, consumer protection programme that continue to drive awareness on the availability of safe, convenient and cost-effective mode of e-payment. At the same time, industry players and providers are working towards improving service standards and accessibility without compromising on the security measures as to promote trust and ensure confidence in e-payments.
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