KUALA LUMPUR: E-payment is the way forward for Malaysia to enhance competitiveness and to reduce wastage from costly payment instruments like cheques. Bank Negara Malaysia governor Tan Sri Muhammad Ibrahim said at 120 million cheques currently this translates into an enormous cost of RM484 million. The number declined by 42 per cent from 205 million cheques in 2011 due to various measures. Muhammad stressed on the need to optimise debit cards, adding that mobile payment can complement the debit card as a low-cost alternative to cash. Most Malaysians are likely to carry both a debit card and mobile phones and there are 45.4 million debit cards and 42.8 million mobile phone subscriptions which is high for a population of 32.1 million, he added.

Source: New Strait Times December 08, 2017 04:41 UTC