BNM Launches e-Duit Campaign To Create Greater Awareness, Instil User Confidence In E-Payment
Author Avatar

Bank Negara Malaysia (BNM) has launched a new campaign called e-Duit, which seeks to encourage the adoption of electronic payment (e-payment) within the country in a safe manner. Featuring the slogan “Selamat, Senang, Segera”, it is set to run for five years, in line with the Financial Sector Blueprint 2022-2026.

“We aim to accelerate e-payment adoption among businesses and households by 15% per year for the next five years. In line with this aspiration, BNM and the payments industry will ensure readiness and access to various e-payment instruments, such as payment cards, online payment, and a competitive QR code,” said the deputy governor of BNM, Datuk Abdul Rasheed Ghaffour.

Through the e-Duit campaign, BNM will collaborate with participating industry players to roll out a variety of promotional activities, outreach programmes, and educational campaigns related to e-payment for Malaysian users. Businesses and agencies can also look forward to incentives from the financial industry to encourage e-payment adoption.

BNM’s partners for the campaign include the Financial Education Network (FEN), payment system service providers, as well as relevant government agencies, industry associations, and consumer groups. In time, it is hoped that these industry-wide efforts will create greater awareness and instil user confidence in e-payment, encompassing payment options such as e-wallets, mobile banking, as well as payment cards.

Aside from that, Datuk Abdul Rasheed also highlighted that Malaysia has come a long way in its adoption of e-payment, with both urban and rural areas in Malaysia now more receptive to it. “Based on the Global Findex 2021 report by the World Bank, it is estimated that 79% of adults in Malaysia had used digital or e-payment during the Covid-19 pandemic. To further benefit consumers, efforts are being expedited to implement cross-border payment facilities,” he said.

At present, Malaysia has successfully enabled cross-border QR payments with a few neighbouring countries, including Thailand and Indonesia. BNM is also seeking to pursue similar outcomes with Singapore and the Philippines. On top of that, Malaysia has also joined similarly themed undertakings beyond the ASEAN region, such as Project Nexus and Project Dunbar.

Briefly, Project Nexus seeks to test the possibility of linking real-time payment systems between Malaysia, Singapore, and the euro area. Meanwhile, Project Dunbar is an international collaboration between BNM and several other central banks, as well as the Bank of International Settlements (BIS) Innovation Hub to assess the possibility of using different central digital bank currencies (CBDCs) for direct cross-border transactions on a shared platform.

(Source: Bank Negara Malaysia [1, 2])

0 0 votes
Article Rating

SHARE

Comments (0)

Subscribe
Notify of

0 Comments
Inline Feedbacks
View all comments
Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
ringgitplus
- 25th January 2023
We provide weekly updates on every Friday at 5pm on the prices of RON95, RON97 and Diesel in Malaysia and a chart that shows the movement of fuel prices across a 6-week period. Bookmark this page now!
Post Image
Astro 4K Ultra HD Broadcast To Be Available For Subscription By The End of This Year
Brian Chung
- 14th August 2018
By the end of 2018, Astro customers will be able to watch football matches in Ultra HD. Read on to know more about the 4k Ultra HD service.
Post Image
Touch n Go RFID: What Malaysian Road Users Need To Know
Jacie Tan
- 10th August 2018
Everyone’s talking about Touch ’n Go RFID being used at Malaysian highway tolls soon – here’s what you need to know about it.
Post Image
Best High Interest Savings Accounts In Malaysia (January 2023)
Pang Tun Yau
- 11th January 2023
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image