31st October 2022 - 3 min read
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.
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