Issuance Date

23 December 2014

Effective Date

1. 15 January 2015 (with respect to the requirements set out in paragraphs 8.8, 9.1(a), 9.2(a), 9.6 and 9.8 in the Policy Document); and
2. 1 July 2015 (with respect to all other requirements in the Policy Document).

Applicability

Applicable to the following entities as defined in paragraph 6.2 of the Policy Document:

1. Issuers of credit card, debit card and international prepaid card;
2. Acquirers of credit card, debit card and international prepaid card transactions;
3. Operators of payment card networks; and
4. Approved operators of payment systems including operators of payment card networks (with respect to paragraph 9.6 of the Policy Document only).

Summary

The Payment Card Reform Framework (the Framework) aims to foster an efficient, transparent and competitive payment card industry in Malaysia.

In this regard, the Framework establishes an objective and transparent mechanism for the reimbursement of fees among players in the payment card industry to ensure that the cost of accepting payment cards is fair and reasonable.

The Framework also introduces a series of measures to address other distortions in the payment card market in order to promote greater usage and acceptance of cost-effective payment cards.

Issuing Department

Payment Systems Policy Department

See also:

• Payment Card Reform Framework
• Frequently Asked Questions (FAQs)

© Bank Negara Malaysia. All rights reserved.