Bank Negara Malaysia (BNM) revealed that Malaysia has recorded 9.5 billion e-payment transactions in 2022, a jump from 7.2 billion back in 2021. Each Malaysian, meanwhile, made 291 e-payment transactions on average in the same year, as compared to 222 transactions in 2021.

According to Assistant Governor Abd Rahman Abu Bakar, these figures point to the strong growth of e-payments in Malaysia, brought about by the cooperation of several parties, including the government, the private sector, and local community sectors. Additionally, he shared that more than 100,000 QR code registrations were recorded in the first three months of 2023, making the total number of QR code registrations come up to 1.7 million as of the first quarter of 2023 (1Q23).  

Abd Rahman further said that he hopes this growth will continue with the industry’s commitment to help micro and small enterprises adopt e-payments into their business operations. He also addressed the recent concern of DuitNow QR fees that were to be imposed on merchants who accept payments via DuitNow QR.

“I am aware that there may be merchants who are upset or wondering about the transaction fees that will be charged by the DuitNow QR service provider. I would like to clarify that the industry has taken appropriate measures to reduce the impact of any transaction fees on business,” said Abd Rahman, adding that banks and financial institutions will continue to waive the fee for MSMEs until further notice.  

Alongside this increased adoption of digital payments, however, Abd Rahman said that there is also the need for Malaysians to improve their level of financial literacy.

“In 2021, it is estimated that four out of five Malaysians will use e-payment. Unfortunately, the level of digital financial literacy of Malaysians is at a low level. More than a third share their bank account passwords and/or PIN numbers with close friends. Malaysians are also, especially the youth, exposed to the risk of being tricked into allowing accounts to be used for scam activities,” said the assistant governor.

To help resolve this situation, Abd Rahman stated that the banking industry has rolled out education and awareness campaigns, on top of extra security measures. The National Scam Response Centre also launched a dedicated hotline to deal with financial frauds. However, it is of utmost importance that the public, too, educate themselves so that they can recognise scams and not fall victim to them.

“With these initiatives, we hope that users in Malaysia will be more confident in using e-payment,” said Abd Rahman.

(Source: BNM)

• TAGS:
• Abd Rahman Abu Bakar
• Bank Negara Malaysia
• BNM
• Digital Payments
• DuitNow
• DuitNow QR
• E-Payment Services
• MSMEs