Driving towards electronic payments
Accelerating the country's migration to electronic payments (e-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 released its Financial Sector Blueprint 2011-2020, which charts the future direction of the financial system over the next ten years.
Electronic payments for greater economic efficiency is one of the nine focus areas under the Blueprint to drive Malaysia's transition to a high value-added, high-income economy with adequate safeguards to preserve financial stability. The Bank will work towards accelerating the migration to electronic payments. In the next ten years, the Bank targets to increase the number of e-payment transactions per capita from 44 transactions to 200 transactions, and reduce cheques by more than half from 207 million to 100 million per year. Measures to achieve this aim will include providing the right price signals to encourage the switch from paper-based payments to e-payments, and facilitating wider outreach of e-payments infrastructure, such as point-of-sale terminals and mobile phone banking.
Key Performance Indicators
|Target by 2020|
|E-payment transactions per capita||200|
|Debit card transactions per capita||30|
|No. of EFTPOS terminals per 1,000 inhabitant||25|
|Number of cheques cleared||100 million|
Note: Please refer to Payments Statistics section for the latest statistics/current development